Daily Energy Report
Russia exports post invasion, Global oil demand hits high (again), EU wants “green shift,” US metal stockpiling, Japan waits on US LNG policy, Indonesia coal hits high, Biden’s E15 expansion, and more
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Chart of the Day: Russia’s Oil Export Destinations Two Years after Ukraine Invasion
Summary
It is almost two years since Russia invaded Ukraine. As you all know, the invasion and the sanctions that followed changed global trade in oil, gas, and LNG. Today we look at the changes in destinations of Russian crude exports. We compare the seaborne destinations in January 2022, just before the invasion, with destinations in January 2024. The most important change is the disappearance of exports to Western Europe and the US, while exports to Asia doubled from about a quarter of total seaborne exports to more than half. Exports to Africa, Latin America, and the Middle East increased markedly.