JP Morgan said that while Russia may be able to maintain its oil output at pre-war levels, it might struggle to reroute some of its product exports away from Europe
JP Morgan on Thursday forecast Russia would be able to maintain its oil output at pre-Ukraine conflict levels due to steady demand from China and India but said it might struggle to reroute some of its oil product exports away from Europe.
China’s seaborne imports of Russian oil are set to hit a record in March along with robust Indian demand. JP Morgan said Russia’s oil product exports were expected to drop by about 300,000 bpd to “lows last seen in May 2022″ as it struggles to reroute refined products exports.
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