Oil Markets
Navigating Russian oil flows amid tightening sanctions
Jul 4, 2024
S&P Global Commodity Insights' Francesco Di Salvo and editors discuss the impact of sanctions on Russian oil flows, including the rise in seaborne exports despite sanctions. Topics include changes in crude and product exports, price sentiment for Urals grade, and challenges faced by the G7 in controlling oil sales.
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Quick takeaways
- Russian crude exports rose despite sanctions, with a shift towards India and China markets.
- Euro's prices rose due to tight global sour crude supply, challenges in controlling Russian values.
Deep dives
Russian Crude Export Trend and Market Shifts
Despite efforts to restrict Russian crude exports, it has increased, reaching 100,000 barrels a day in June. The exports exceed pre-war levels, with a notable shift in destination markets from Europe to India and China. Ukraine's refining attacks have affected product flows, leading to a drop in Russian product exports.
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