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OIL: Russia’s August Oil Exports Lowest Since March 2021

OIL
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Exports of Russian crude and products in August fell by 290k b/d on the month to average 7m b/d, according to the IEA, cited by Kommersant, the lowest level since March 2021.

  • Crude exports were 4.4m b/d, while product exports were 2.65m b/d.
  • Russian oil production fell 80k b/d to 9.11m b/d.
  • “The available data does not clarify whether the unusually deep fall in Russian oil exports in August reflects efforts to meet OPEC+ production cut commitments or simply more intensive field maintenance,” the IEA report said
  • The average export price in August was down $4.92/b to $69.82/b, Kommersant said.
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Exports of Russian crude and products in August fell by 290k b/d on the month to average 7m b/d, according to the IEA, cited by Kommersant, the lowest level since March 2021.

  • Crude exports were 4.4m b/d, while product exports were 2.65m b/d.
  • Russian oil production fell 80k b/d to 9.11m b/d.
  • “The available data does not clarify whether the unusually deep fall in Russian oil exports in August reflects efforts to meet OPEC+ production cut commitments or simply more intensive field maintenance,” the IEA report said
  • The average export price in August was down $4.92/b to $69.82/b, Kommersant said.