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Druzhba: A friendship built to endure

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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. Tass news reported that exports via Druzhba will return to normal levels within 2-3 months, while the clean-up process will take up to 8 months. Poland and Germany are expected to receive clean supplies imminently, with all legs of the pipeline transporting clean crude oil to their customers. Energy minister, Alexander Novak, was quoted saying, “We were, we are, and will be a reliable supplier of energy resources…”

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