Less than 24 hours ago, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) issued General License No. 135, temporarily authorizing the sale and import of Russian diesel and crude diesel until April 2027. Shipping and commodities analyst Michelle Bockmann stated that, according to Windward tracking data, the Minerva Zen tanker, which departed St. Petersburg, Russia on September 22, appears to be heading towards the U.S. East Coast and may dock at Savannah Port (located in southeastern Georgia). This MR-type tanker has not disclosed its destination since departing the Russian Baltic port of St. Petersburg last month fully loaded with approximately 280,000 barrels of diesel/gas oil.
However, in reality, there is not much Russian diesel available for purchase at present, and it is likely that only a few shipments will be imported into the United States. These quantities are unlikely to solve the global supply problem or have a substantial impact on domestic prices in the U.S. Data from Vortexa shows that Russian diesel and crude diesel exports fell sharply in the third quarter, dropping to 190,000 barrels per day. In comparison, the figure was 690,000 barrels per day in the second quarter and 850,000 barrels per day in the first quarter. Russia extended its export ban on gasoline and diesel in July to address domestic shortages. The six-month exemption granted to Russian diesel by the United States also indicates that no one expects navigation in the Strait of Hormuz to resume in the near future.
