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OIL
Russian seaborne crude exports plummeted to a 12-month low in July amid thinning discounts for the Kremlin’s oil, improved compliance with OPEC+ cuts, and a recovery in domestic refining, Platts said.
- There is also a seasonal dip from Indian refiners, Platts added.
- Oil product exports rose 6% on the month, according to tanker tracking data cited by Platts, with Russian refineries mostly recovering from Ukrainian drone strikes absorbing more crude.
- Crude shipments from Russian ports averaged 3.19m b/d in July, down 520k b/d from June.
- The fall was led by a fall in cargoes of Urals crude from the Baltic port of Ust-Luga and Novorossiysk in the Black Sea, Platts data showed.
Source: S&P Global Commodity Insights
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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