MNI Oil Weekly: U.S. Sanctions on Rosneft/Lukoil Near

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Executive Summary:

• U.S. Sanctions on Rosneft/Lukoil Near: The fallout of U.S. sanctions on Lukoil/Rosneft will become clearer from next week as they come into force November 21. Near term disruption from main buyers India and China remains but the market still expects workarounds to emerge as significant discounts eventually temp buyers.
• Oil Markets: Brent has softened from a high last week to remain within a $62.3/bbl and $65.3/bbl range weighing uncertainty over Russian output against ongoing oversupply risks and recent rise in oil volumes at sea. Diesel and gasoline cracks remain strong amid tight supplies from refinery disruption and US sanctions on Russia’s Lukoil and Rosneft.
• Analyst Views: See oil market views and outlooks from key industry names.