- The EU's ban on seaborne imports of Russian oil will result in an 18% decline in the country's fuel output by the end of 2023, according to EIA’s monthly report
- Russian production of liquid fuels set to reach 9.3 MMBbl/d in 4Q23 from 11.3 MMBbl/d in 1Q22
- The probability that existing, or future sanctions, reduce Russia's oil production more than planned raises oil price concerns, added the agency
- U.S. Treasury Secretary Janet Yellen stated that the US is in talks about a possible oil buyers block, which would allow Russian oil to remain on the market but reduce revenue for the country
- Yellen added that the goal is to “keep Russian oil flowing into the global market to hold down global prices and try to avoid a spike that causes a worldwide recession” but that “the objective is to limit the revenue going to Russia”
- Diesel futures in the United States are growing faster than gasoline futures (BBG)
- During intra-day trading on Tuesday, NY diesel futures were trading at a premium of more than 20 cents a gallon to gasoline futures
- Diesel's unseasonal strength demonstrates how reliant the world is on the U.S. to supply the most extensively used oil product in Europe