May 17, 2023 08:37 GMT
MNI Commodity Analysis - Russian Crude Flows Defy Sanctions but Products Unwinding
Russian crude flows are maintaining a record export pace in May, further countering cut claims, with higher domestic refinery maintenance pushing more barrels onto the market.
MNI Commodity Analysis: Russian Crude Flows Defy Sanctions but Products Unwinding
- Russian crude exports are leaving at a record pace in May countering Kremlin claims of 500,000 bpd crude cuts – with almost all volumes heading to India and China.
- Russian oil product flows are struggling to maintain pace this month, though diesel exports have found strength heading towards Brazil and Africa with discounted barrels displacing regular suppliers.
- Higher domestic refinery maintenance in Russia is pushing greater crude volumes onto the market, while it should also shore up oil product exports further in May.
- G7 and EU leaders have been in discussions to tighten restrictions on Russian oil flows by targeting third countries re-exporting them but their outreach and motivation looks limited.
Full piece here:
MNI Commodity Analysis - Russian Crude Flows Defy Sanctions but Products Unwinding.pdf
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