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OIL
Russian crude exports have slipped back as maintenance work at the Baltic port of Primorsk and strong winds around Kozmino hit exports according to Bloomberg vessel tracking.
- Russia’s seaborne crude flows in the week to March 17 fell back by 730,000 bpd to 2.97 mn bpd.
- They also fell on a four-week average basis, slipping by about 40,000 bpd to 3.28 mn bpd.
- The drop in flows keeps Russia back within OPEC+ commitments though attacks on Russian refinery infrastructure may push exports higher as they are unable to process them domestically.
- Weekly shipments were about 620,000 bpd below the average seen in May and June, or about 320,000 bpd lower than Russia’s first quarter target according to Bloomberg calculations.
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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