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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
Overall oil product flows out of Russia dipped by 21% in Feb m-o-m according to S&P vessel tracking as western sanctions took hold.
- Russia-origin seaborne oil product exports averaged 2.13mn b/d in February, a 21% drop from recently elevated levels of around 2.7mn b/d in January and 24% below average pre-war levels.
- Russian diesel exports dropped by more than 100,000 b/d in February to 830,000 b/d while fuel oil exports fell by some 170,000 b/d on the month to 614,000 b/d.
- The data shows that Europe's flows of Russian fuel have plunged from around 1.5mn b/d in December to less than 500,000 b/d in February. Meanwhile, African buyers in Morocco, Algeria, Nigeria, Senegal, Tunisia, Ghana, and Egypt have doubled their Russian fuel imports to around 440,000 b/d.
- To help plug the gap in Europe, regional refiners and fuel retailers continue to lean on alternative diesel supplies from the Middle East, Turkey and the US, while dipping into stocks in the Amsterdam-Rotterdam-Antwerp refining hub built up ahead of the embargo.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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