Oil trends in Oct 2023

Several weeks ago there was discussion of Saudi Arabia & Russia cutting production by 1 MM barrels each. A few expressed concerns on whether Russia could afford to reduce production in the midst of its ongoing war with Ukraine.

Well, supposedly Russia is reducing its diesel exports. Then, there’s this report on the impacts to major crude importer China. Helpful report given how it is broken down into Freight, Supply and Demand, and touches on most tanker sizes, both dirty and clean

Personally, a little too early to tell. In general, yes, most refineries have come out of their respective maintenance cycles. It would be a surprise to me that they would be at full-throttle this soon. I am guessing Russian refinery products are still making the longer trips to India (and further) instead of Black Sea to Mediterranean port trips.