September 03, 2024 12:12 GMT
OIL: Russian Crude Exports Edge Down to 3.16mb/d in Week to Sept. 1
OIL
Russia’s seaborne oil flows edged down to the lowest in a nearly a month due to likely maintenance at the offshore Arctic Prirazlomnoye field, according to Bloomberg.
- Four-week average crude shipments fell by 90k b/d to 3.16mb/d in the week to Sept. 1. Shipments so far this year are about 40kb/d below the 2023 average.
- The more volatile weekly flows dropped by around 250kb/d to 3.1m b/d.
- Shipments from the Arctic Prirazlomnoye field halted in mid August.
- At least 11 shipments of crude and refined products have loaded on vessels sanctioned by the US, UK or the EU, six of which were in August.
- The recent export dip comes ahead of a plan by several OPEC+ members to begin unwinding output curbs starting October. Russia complied with its OPEC+ oil quotas for the end of August, Deputy PM Alexander Novak said yesterday.
Source: Bloomberg
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