Russian Oil Product Exports Dipping: IHS

Russian waterborne oil product exports are down by 1mn bpd in June versus before the invasion according to IHS vessel tracking.

• In February, Russian seaborn oil product exports amounted to a little less than 3 million barrels per day and stood at 1.9 million barrels per day in June.
• Meanwhile, Russian crude exports have yet to dip as Asia soaks up flows, while oil products have proved difficult to redirect on global markets.
• Russian seaborne crude exports increased from 3 million barrels per day in February to about 3.6 million barrels per day in June according to IHS.
• Oil product exports to Europe lowered from 2 million barrels per day in January to 1.2 million barrels per day by June, IHS said while with crude exports to Europe were down from 1.9 million barrels per day in January to less than 1.5 million barrels per day in June.
• "While some oil will be redirected elsewhere, we expect Russian oil production to fall to around 9.0 million barrels per day compared with 11.0 million barrels per day," IHS reported.