Russian Exports: War Reality Affects Crude, Products Differently

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  • In October, Russian exports of crude oil, having surged in the months after the start of the war in Ukraine, touched the lowest point since that February watershed.
  • After a drop of 600,000 b/d in the wake of the war, Russia’s petroleum products exports have stabilized and in the third quarter were down only 100,000 b/d year on year.
  • After a steep two-month decline, diesel exports are poised to spike in November and reach prewar levels amid a buying spree in Europe.

Although its barrels have been labeled “toxic” and sanctioned widely, Russia, the world’s second-largest liquid fuels exporter after Saudi Arabia, has proven remarkably adept at marketing stranded volumes. Granted, this has occurred thanks to significant discounts, which have eroded value at a time when Russia needs budget income to fund the war and buttress an economy under stress.

Oil Supply, Oil Trade, Oil Products, Sanctions, Diesel/Gasoil, Ukraine Crisis
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