Russia dramatically increases diesel exports from Baltic ports

Russia exported 1.78 million tons of diesel fuel from its Baltic ports in March, marking a 22% increase month-on-month and a 34% rise year-on-year, according to the Centre for Pricing Indexes (CPI).

Experts interviewed by the outlet attributed the surge to the blockade of the Strait of Hormuz, Caliber.Az reports, citing RBC.

The majority of diesel—around 1.16 million tons—was shipped in March through the port of Primorsk. 400, 000 tons were exported via Ust-Luga.

Deputy Prime Minister Alexander Novak stated that ensuring domestic fuel supply is a priority to stabilise prices following the escalation of the Middle East conflict.

Global fuel markets were further destabilised after US and Israeli military operations against Iran began on February 28.

The blockade of the Strait of Hormuz drove up World fuel prices and disrupted energy supplies.

The United States allowed Russia to sell oil and petroleum products loaded onto vessels by March 12 under a license valid through April 11.

By Bakhtiyar Abbasov