Russian oil for the Russian people?

Brent futures prices remained range-bound on Monday at about 55.5 $/b as the dollar strengthened, weakening buying interest. At the same time, Russian exports were revised significantly lower for the February trade cycle in Europe, tightening further the sour crude markets. Indian crude imports were at a 2-year high in December, according to government statistics, as Indian fuel demand almost recovered to pre-COVID levels. The Indonesian government sized two tankers, Iranian-flagged and Panamanian-flagged allegedly smuggling oil off Indonesian coasts. PetroChina’s 260 kb/d Yunnan refinery will ramp-up throughput after a 50-day overhaul, boosting crude buying in the months to come. 

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