The first shipments from a flotilla of Russian diesel cargoes have begun arriving in Saudi Arabia as Riyadh helps Moscow maintain export levels while it reshapes its trade flows. The 5 February European embargo on Russian refined products is having a more profound near-term impact than the earlier crude embargo (in place since 5 December), although most observers expect Russia to succeed in placing volumes into new markets in the medium-term.

The latest organization to revise up its expected Russian output this year is the US government’s Energy Information Administration (EIA), which stated in its latest Short Term Energy Outlook (STEO) published on 7 March that “Despite the declines in March, recent petroleum exports from Russia have outpaced expectations, and we have revised our oil production forecast for Russia upwards by 0.4 million b/d [to 10.3mn b/d] in 2023.” (CONTINUED - 839 WORDS)