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OIL
Russia’s seaborne crude flows in the four weeks to July 30 fell to the lowest since early January to 2.98mbpd according to Bloomberg vessel tracking as pledged cuts are reflected in the data.
- Exports are down by more than 900kbpd from the peak seen in mid-May although weekly data showed an increase on the week driven by record-equalling shipments from the Arctic.
- The drop in exports is set against an increase in crude processed in Russia’s refineries in July, with several plants completing major maintenance.
- Purchases of Russian crude by Indian refiners fell for the second month with Russia’s crude less attractive due to a narrowing discount against international benchmarks.
- At least four tankers are shipping crude along the Northern Sea Route from ports in the Arctic and Baltic with the route open due to warmer summer temperatures.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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