Russia's Diesel Exports Plummet Amid Ukraine-Driven Fuel Crisis

Russia's diesel exports have hit a multiyear low amid a tight global market. According to data compiled by Bloomberg, Russia shipped just 80,000 barrels per day (bpd) of diesel and gasoil in the first seven days of August.

This is significantly lower than last year's figure of 1 million bpd, and marks the lowest level in many years. The decline is attributed to Moscow's extension of restrictions on diesel exports amid a fuel crisis triggered by Ukrainian attacks on Russian refineries.

The global market for middle distillates is now tighter than crude supply, further squeezing refined petroleum markets. Global refinery crude throughputs increased in July but remained nearly 5 million bpd below year-ago levels, at 80.9 million bpd, according to the International Energy Agency (IEA).