Exxon Declares Force Majeure On Sakhalin-1

Exxon has declared force majeure on the Sakhalin-1 project that it operates with Russia's Rosneft due to Western sanctions against Moscow. According to the company's statement, as quoted by Reuters, sanctions were making it increasingly difficult to sell oil produced at Sakhalin-1. The project exports some 273,000 barrels daily of Sokol grade crude, with the main destination for the shipments being South Korea. Sakhalin-1 crude is also shipped to Japan, Australia, Thailand, and the United States. Exxon announced at the start of March that it was…