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OIL
Russia’s seaborne crude shipments increased to over 4mbpd in the week to April 28 and showing no sign of the planned production cut in place since the start of March.
- The four-week average output was relatively unchanged according to Bloomberg tanker-tracking data.
- The Russian energy ministry said the production cut was as high as 700kbpd in March but that has not been reflected in lower exports or much change in refinery runs.
- Processing rates remained virtually unchanged from the start of the year and in the first 19 days of April were unchanged on the year at 720kbpd.
- The diversion of Druzhba pipeline crude has boosted seaborne flows this year after a halt to pipeline flows to Germany at the end of 2022 and to Poland in late February.
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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