business β½ Russia's diesel exports hit multiyear low
Russia's diesel and gasoil exports plummeted to only 80,000 barrels per day in the first week of August. This sharp drop occurred as Moscow maintained export restrictions due to a fuel crisis caused by Ukrainian attacks on Russian refineries. Compared to last year's 1 million bpd, this new low is tightening the global market for middle distillates significantly. This shortage is happening amid a relentless Ukrainian drone campaign targeting Russian oil infrastructure. Global seaborne trade in petroleum products is crashing by 3.8 million bpd due to these declining exports. π