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MNI COMMODITY ANALYSIS: Russian Oil Products Weather Feb 5 Sanctions Test

Photo by Angus Gray on Unsplash
red and black ship

Executive Summary:

  • An EU import ban and G7 price cap has resulted in Russian oil product flows pivoting away from western markets and instead heading to Asia and North Africa.
  • The Russian fleet is spending far longer at sea because of the extended journey's, a trend that will press the fleets ability to operate effectively longer term.
  • Building floating storage will be one of the key indicators that Russia is struggling to place its barrels and may be forced to cut production.
  • Europe is well prepared for the Feb 5 deadline with stocks at multi-year highs, while alternative supplies have been found from across global markets.

Full piece here:

MNI Russian Oil Products Weather Feb 5 Sanctions Test.pdf

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