Return of Russian Gasoline Exports

A discussion of Russian gasoline exports returning to the market from the BRS Weekly Tanker Newsletter has been cited in TradeWinds: https://www.tradewindsnews.com/tankers/how-will-return-of-russian-petrol-fuel-clean-tanker-rates-/2-1-1747479

In order to stabilize gasoline prices, Russia had announced a 6-month ban on gasoline exports in February 2024, which was later extended until the end of the year. The government announced over the weekend the lifting of the export ban only for gasoline producers, while restrictions were extended for other exporters (traders and resellers) until the end of January 2025, according to press reports. The ban has seen Russia gasoline exports fall tenfold from the highs witnessed in 1Q24 impacting African and Mediterranean importers the most. However, unlike Russian gasoil and diesel, gasoline exports from Russia are a relatively minor share of the global market, and the return of these exports are not expected to have a significant impact on the market.

In contrast, Russian gasoil and diesel exports account for approximately 10% of global exports. Russian gasoil exports to South America are estimated to have almost halved in November compared to the 1Q24-3Q24 average export levels. The drop has been more than compensated for by an increase in gasoil exports from North America, thereby contributing to resilient MR Atlantic earnings, a freight trend which is nevertheless likely to fade in the short term.

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