Increasing Russian crude oil exports changing worldwide trade patterns

Russian oil product exports will increase in the next few years, but will face major roadblocks from more-stringent European specifications. The changes will affect all the international markets.High-sulfur fuel oil and feedstocks dominate Russian trade, and volumes are already moving into Asian markets. The recent relative strength in the Asian fuel oil market has created an arbitrage opportunity for these long-haul cargoes.When refinery runs in Asia pick up in the next few years and the fuel oil market weakens, Russian high-sulfur fuel oil still has to trade into Asia. The price the Russians can achieve will fall, and the fuel oil price in Asia will weaken.Russian exporters must now mak...

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