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Crude at Sea Facing Tug of War Between Key Exporting Nations


Crude oil exports by Russia, US, Guyana and Saudi are averaging higher over the past 28 days than Iran, Venezuela and Kazakhstan are averaging lower according to TankerTrackers.

  • The net effect is that there’s now more oil now at sea.
  • Russia has changed the criteria for its 300,000 bpd export cut to now include oil products as it boosts crude exports, leaving Saudi to bear the brunt of efforts to tighten global markets.
  • Kpler figures show Saudi is doing its bit – its exports are down ~1mn bpd y/y. Meanwhile, Russia is ~700k bpd higher y/y. Russian crude exports are down ~300 kbd from peaks earlier this year but up ~500kbd form July/August lows.

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