The country, which faces embargoes imposed by several nations because of the invasion of Ukraine, surpassed the USA
Russia displaced the United States and, in 2023, became the largest supplier of imported diesel to Brazil. The Brazilian market ended last year as the 2nd largest customer for Russian products, behind Turkey.
Of all the diesel imported by Brazil in 2023, 50.5% came from Russia and 24.5% originated in the USA. The United Arab Emirates was the 3rd largest exporter of diesel to Brazil last year. India was 4th and Saudi Arabia was 5th. The data was compiled by the consultancy Argus and published on Thursday (1st.Feb.2024) by the newspaper Folha de S.Paulo.
Because of the invasion of Ukraine, Russia is the target of embargoes imposed by the USA and other countries, such as members of the EU (European Union). Therefore, the Russians needed to find solutions to sell their production and began to offer better conditions to buyers.
The Kremlin, for a brief period in the second half of 2023, restricted the export of diesel to stabilize its internal market. With the end of restrictions, imports of Russian diesel into Brazil intensified.
According to data compiled by Argus, diesel from Russia was 86.7% of the total imported by Brazil in December. The United States accounted for 13% of Brazilian imports.
Amance Boutin, fuels expert at Argus, told Sheet believe that the remaining volume of North American diesel reflects purchases from Petrobras and long-term contracts signed by other importers.