No Real Drop In Russian Crude Exports, What Gives?

Russian crude exports for May will average ~5 million b/d.

There's no other way to sugarcoat this, but the oil market has not seen any production loss from Russia. There are news reports from the likes of Reuters that suggest some of these exports have no destination, but based on the tanker data, almost all the tankers have an AIS destination.

Now, just …