Russia Successfully Redirects Oil Exports Away from Western Markets.

Russia's Energy Minister, Nikolai Shulginov, claims that the country has successfully redirected its crude oil and fuel exports to avoid EU and G7 embargoes. Despite a voluntary production cut, Russia's sales of crude and petroleum products have not been reduced. The country's oil and gas production is expected to fall this year compared to 2022. Tanker-tracking data shows that Russia's crude oil exports by sea have remained above 3 million bpd in the past six weeks. The International Energy Agency (IEA) warns that it remains to be seen if there will be sufficient demand for Russian oil products now that the price cap is in place or if its production will start to fall under the weight of sanctions.