Russia’s Diesel Exports Crash to Multiyear-Low amid Tight Global Market

Russia’s diesel and gasoil exports crashed in the first seven days of August to just 80,000 barrels per day (bpd), the lowest in many years, as Moscow extended restrictions on diesel exports amid a fuel crisis triggered by incessant Ukrainian attacks on Russian refineries. The multi-year low diesel exports between August 1 and 7, as estimated by data compiled by Bloomberg, are further squeezing the global market of middle distillates, which is much tighter than crude supply. To compare, Russia last year shipped as many as 1 million bpd of…