Russian oil exports drying up

LONDON, March 2 (Reuters) - Disruptions to Russian oil exports intensified on Wednesday with more countries and companies refusing to import and transport Russian crude and at least 10 tankers failing to find buyers, driving oil and gas prices higher.

As a result, some 7 million barrels per day of Russian oil and products exports and an additional 1.2 million bpd of Kazakhstan’s exports via Russia - amounting to a combined 8% of global supply - have been disrupted in recent days.

Canada said it would shut ports to Russian-owned ships and oil tanker company Frontline said it was unlikely to transport Russian crude.

Many Western buyers though have already refrained from buying Russian oil as they await sanction clarifications.

One of the top Russian oil firms, Surgutneftegaz, failed to find buyers for nine tankers with 6.5 million barrels of crude.

The ship-owners of two crude oil tankers due to load Russian and Kazakh oil from the Black Sea cancelled the shipments.…


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WTIC is slightly off today. Or right now.

The premiums are whittling away.

You can have all the supply and demand charts you want for the next ten years. Premiums are a rarer event.