EU sanctions support European refining margins

Exports of crude oil from Russia are continuing although they are being increasingly diverted to Asia, primarily India. Distillate exports to Europe are now starting to decline as EU restrictions come into force, but volumes are being diverted to Africa, supported by a widening discount for Russian origin cargoes. Into this mix, the EU has proposed a ban on the import of Russia crude oil and products within six months and by end-year respectively. Negotiations are ongoing as Hungary rejected the proposal in its original form. Read our Insight to find out: • What the ban would mean for crude and product markets. • How export routes will diversify • Extent of oil and refined product market rebalancing • Refining implications