Russian crude exports reached a year-to-date high, averaging 3.89 mln b/d over
the four weeks to June 21, Bloomberg tanker data show. Continued Ukrainian
strikes on Russian refineries have cut domestic processing, potentially
diverting barrels into exports. At the same time, a recent release of detained
Iranian tankers have pushed significant Iranian crude—some viewed as a close
substitute for Urals—into the market, intensifying competition for buyers,
particularly Indian refiners. A US exemption for Russian buyers expired on June
17; failure to renew it could prompt processors to shift to other suppliers.
