Russian oil exports are plunging… OilPrice.com

March 4, 2022 by Jim Colburn Leave a Comment

Alex Kimani, Oilprice.com, has an excellent piece summarizing what is going on with Russian oil exports…

”The situation is getting desperate for the Russian oil sector, with oil exports falling sharply despite selling at massive discounts. According to Energy Intelligence, Russian oil export flows have fallen by at least one-third – or some 2.5 million barrels per day – despite a discount of $11 per barrel versus dated Brent being offered for distressed cargoes of Russian Urals.

Russia normally exports 4.7 million b/d of crude and 2.8 million b/d of products, according to government data. But Energy Intelligence now estimates that ~1.5 million b/d of crude and 1 million b/d of refined products are not making it to the market.”

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