Almost 2 million barrels of russian diesel “stuck” on floating storages

The world’s demand for russian diesel fuel, which is now in the sea on floating storages, has decreased.
At the end of February 2023, 1.9 million barrels of russian diesel fuel were stored in floating storage at sea, which became a record since October 2020, writes Bloomberg.
Analytical company Kpler explains such a trend as a reduction in demand for diesel fuel due to an exceptionally warm winter.
In turn, the accumulation of diesel oil three weeks after the entry into force of the “ceiling” of prices for petroleum products may indicate that some of it was shipped from russian ports without buyers.
At the end of January, there were 1.3 million barrels of russian diesel in the sea. As of February 5, the day the price cap was introduced, 555,000 barrels.
On February 28, the number of barrels at sea increased to 1.9 million.
Bloomberg analysts noted that the large amount of unsold russian diesel could affect the rate of refining and production of crude oil in russia.
It should be added that last week a record number of cargoes with russian diesel without a destination was recorded at sea.