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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
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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