Russian Oil Exports Find New Routes Despite Embargo

Despite the Western embargo on Russian oil products, Russia exported a record volume of 3.13 million barrels per day in March 2023, a 31.2% YoY increase, with Greece and Malta accounting for 88% of exports. The EU lifted sanctions and price caps on Russian-extracted oil products produced outside the country and mixed with other suppliers' oil products. Most of Russia's 1.28 million bpd of diesel went to Turkey and Brazil, followed by Libya and Morocco, while fuel oil exports reached an all-time high of 208,000 bpd, with the main buyers being the UAE, Nigeria, Singapore, and India.