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MNI Commodity Analysis: Russian Crude Flows Defy Sanctions but Products Unwinding

OIL

MNI Commodity Analysis: Russian Crude Flows Defy Sanctions but Products Unwinding


Executive Summary:


  • 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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