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Russia Crude-Export Data Shows OPEC+ Cut Compliance

OIL

Russia met its target for crude-export cuts in January, complying with its voluntary cut pledge, according to data from the country’s Energy Ministry, cited by Bloomberg.

  • Average crude exports in January were 42k mt below the May-June average at 307k b/d.
  • Russia pledged to reduce daily oil exports by 0.5m b/d, 0.3m b/d from crude exports and 0.2m b/d from product exports.
  • Russia’s crude shipments in Jan, both seaborne and pipeline, were 4.59m b/d, sources told Bloomberg.
  • Bloomberg previously assessed Russia’s seaborne exports in the four weeks to Jan. 28 at 3.09m b/d, around 0.5m b/d below the May-June average. However, as this combines multiple oil products, so the conversion is difficult to complete accurately.
  • Russia also pledged to cut production by 0.5m b/d in 2024 compared to Feb. 2023 levels, aside from the export cuts. Energy Ministry data show January output was about 0.49m b/d below this level.
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Russia met its target for crude-export cuts in January, complying with its voluntary cut pledge, according to data from the country’s Energy Ministry, cited by Bloomberg.

  • Average crude exports in January were 42k mt below the May-June average at 307k b/d.
  • Russia pledged to reduce daily oil exports by 0.5m b/d, 0.3m b/d from crude exports and 0.2m b/d from product exports.
  • Russia’s crude shipments in Jan, both seaborne and pipeline, were 4.59m b/d, sources told Bloomberg.
  • Bloomberg previously assessed Russia’s seaborne exports in the four weeks to Jan. 28 at 3.09m b/d, around 0.5m b/d below the May-June average. However, as this combines multiple oil products, so the conversion is difficult to complete accurately.
  • Russia also pledged to cut production by 0.5m b/d in 2024 compared to Feb. 2023 levels, aside from the export cuts. Energy Ministry data show January output was about 0.49m b/d below this level.