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MNI COMMODITY ANALYSIS: Western Sanctions Weigh on Russian Crude Fleet

Photo by Angus Gray on Unsplash
red and black ship

Executive Summary:

  • An EU import ban and G7 price cap has resulted in Russian crude flows pivoting away from western markets and instead heading to Asia.
  • The move to ship oil to Asia has resulted in drastically longer journey times, doubling oil on the water volumes and creating fleet inefficiencies.
  • Russia announced a surprise 500,000 bpd crude production cut last week, which appears related to Russia's inability to place all of it's barrels.
  • The fall out from the crude ban Dec 5 can serve as a proxy to the potential issues Russia will face now the Feb 5 oil product ban is underway.


Full piece here:

MNI Western Sanctions Weigh on Russian Crude Fleet.pdf


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