The European ban on the imports of Russian products came into effect in early February and expectations at the time were that the country’s clean petroleum product (CPP) exports would come under pressure.
However, Russian exports have actually increased compared to levels seen last year. Between February and April to date, Russia on average shipped around 225kbd more clean products compared to the same period in 2022.
About two thirds of all Russian CPP exports in the West originate from Baltic terminals. Here, the biggest growth has been seen in shipments from the Baltic into the Middle East Gulf/Red Sea, with this trade up by circa 200kbd over the period. Strong increases in shipments have also been seen to Turkey, North and West Africa, Latin America (primarily Brazil) and South East Asia.
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Source: Xinde Marine News
