Key report takeaways:

• Review of latest trends in Russian oil exports with a focus on products

  • Gasoil/diesel exports are inevitably set to fall

  • This is already a function of seasonal maintenance and rising domestic demand

  • Ukrainian drone attacks may aggravate the situation, but this is not a given on a year-on-year basis

• A lot of Russian product is stuck at sea currently

  • Most pronounced for gasoil/diesel and Baltic exports

  • Increased scrutiny and awareness of sanctions may be a contributing factor

• Review of long-term adjustments in Russian product exports and European (US) products flows

  • Look at diesel, light distillates, residual fuels