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Russian Diesel Buildup at Sea Raises Pressure on Global Supply

  • Floating fuel volumes soar to highest since at least 2016
  • Russia’s exports and crude oil processing may be impacted

Millions of barrels of Russian diesel are being temporarily stored on oil tankers as the country deals with the fallout of European Union sanctions.

Ships have been idling off the coasts of Europe, Africa and Latin America in what is by far the biggest buildup in floating storage of diesel-type fuel from Russia since the start of data collection in 2016, according to Kpler. While the product will almost certainly discharge eventually, the accumulation points to the difficulties in replacing EU buyers of Russian fuel.