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Russian Exports: Great Migration of Crude, Products Is Under Way

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  • Russia’s oil exports in December sunk to a 16-month low of 4.34 million b/d as shipments out of the Baltic Sea plummeted.

  • Exports of petroleum products touched a 10-month high of about 3 million b/d as Europe stockpiled diesel ahead of the Feb. 5 embargo.

  • Data for the first week in January show a sharp decline in pipeline shipments to Europe, while exports to Asia are ramping up.

The crude oil and refined products embargoes by the EU are having a discernible impact on Russian flows.

Topics:
Crude Oil, Oil Supply, Oil Trade, Sanctions
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