XOM - Self sanctioning reduces Russian crude oil exports by ~2.5mb/d

Following significantly tighter financial sanctions announced over the weekend, and an exodus of majors from Russia, crude traders and refiners have paused purchases of Russian oil and oil products. This is according to an assessment of shipping data and conversations with traders shared by Energy Intelligence.  Following sanctions, price discounts for Russian crude appeared immediately, with Platts quoting Urals crude ~$20 below dated Brent. As the week rolled on, crude tenders for Russian volumes simply dried up. Energy Intelligence estimates that "self sanctioning" has reduced Russian exports by ~2.5mb/d.  In response to tightening crude markets, Western governments coordinated a 60mb release of strategic reserves. OPEC+ stuck to a previous production agreement, likely hoping to retain spare capacity for when and if Russian exports are weaponized. The US and Canada announced plans to cease Russian oil imports, though both countries are net exporters of oil and oil products. Tighter oil markets would be

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Self sanctioning reduces Russian crude oil exports by ~2.5mb/d