Druzhba: A friendship built to endure
Russian crude and condensate exports plummeted 520 kb/d in May (-9.4%). The Druzhba contamination caused pipeline flows to Europe to decrease by 85% m-o-m, with Germany and Poland receiving nothing in May. Seaborne exports increased to multi-year highs; however, they have not been able to fully replace the lost barrels via the 5’500 km Druzhba pipeline, meaning stocks soared for a second month in a row, up 755 kb/d in May alone.