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Maintaining Russian Output Could Drive Crude Lower: Citigroup

OIL
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Maintaining Russia crude and fuels output could push crude to fall by more than 10$/bbl from current levels by the end of the year according to Ed Morse from Citigroup in a Bloomberg interview.

  • He said Russian oil may be selling at a discount, but it isn’t disappearing from the market. He added that sentiment that Russia would have to cut its refining output and ship more crude has not happened yet.
  • The oil product market has not seen the anticipated supply shock from Europe’s ban on Russian oil. Distillates exports from the Middle East and Asian nations such as India and higher export quotas from China helped Europe to build inventories.
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Maintaining Russia crude and fuels output could push crude to fall by more than 10$/bbl from current levels by the end of the year according to Ed Morse from Citigroup in a Bloomberg interview.

  • He said Russian oil may be selling at a discount, but it isn’t disappearing from the market. He added that sentiment that Russia would have to cut its refining output and ship more crude has not happened yet.
  • The oil product market has not seen the anticipated supply shock from Europe’s ban on Russian oil. Distillates exports from the Middle East and Asian nations such as India and higher export quotas from China helped Europe to build inventories.