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Russian Oil Price Cap Working, No Major Diesel Disruption: Gunvor

OIL

The Russian oil price cap is working according to Gunvor CEO Torbjorn Tornqvist at CERAWeek yesterday. Russia’s plan to cut its oil output by 500kbpd in March isn’t yet affecting its exports and he isn’t seeing any major disruption to Russia’s diesel flows following new sanctions.

  • “The programs on the export side indicate probably more or less the same exports,” Tornqvist said according to Bloomberg, “A little bit more products, perhaps.”
  • Russia’s so-called shadow fleet of oil tankers consists of between 300 and 400 vessels, and diesel is finding its way onto bigger ships he said. Oil tankers are having to travel much larger distances to transport Russian oil to buyers such as China and India that have not imposed sanctions.
  • Tornqvist sees oil prices increasing in second half of year with 75% of global oil demand growth coming from China.
Energy BulletsCommodities
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