Russian Exports Decline as Domestic Demand Rises

After hitting prewar levels in January, Russian crude oil exports to non-former Soviet Union (FSU) states dropped by over 400,000 barrels per day last month, with the largest fall seen in westbound shipments. The decline continued in the first week of March in a sign that Russia’s decision to cut production in March by 500,000 b/d from the start of the month will likely hit exports as refining remains an attractive alternative.