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OIL
Russian crude exports are showing signs of a decline with seaborne crude flows falling just over 1mbpd on the week to 2.86mbpd in the week to July 9 according to Bloomberg.
- Early last week Russia announced a cut to exports by 500kbpd in August. The Russian export cut comes after the country earlier this year pledged to cut production by the same amount from a February baseline through 2024.
- As much as 80% of the drop this week was from ports in western Russia with volumes below the average February level with no obvious impact from maintenance which led to a drop two weeks ago.
- The four-week average seaborne exports were down by 205kbpd to 3.21mbpd compared to an average of 3.38mbpd in the four weeks to Feb. 26.
- Russia’s Energy Ministry data showed crude output averaged 9.599mbpd in June and only 350kbpd lower than in 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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