Russia Dodges Oil Export Sanctions With Shadow Fleet Aiding Flows
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Russia's oil exports have remained near pre-war levels despite sanctions, aided by a "shadow fleet" of tankers with opaque ownership.
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The $60/barrel price cap on Russian oil has had mixed success - prices are above the cap level currently, but Russia is selling its oil at a significant discount.
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Recent drone attacks have taken several key Russian refineries offline, causing supply concerns and panic buying of oil products domestically.
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An export ban on Russian diesel last year caused global ripples. There are now questions if another ban may be needed despite the storage issues it could cause.
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With reduced refining capacity, more Russian crude could be redirected to export markets, weighing on price differentials.