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OIL
Russian crude exports have slipped further to a seven-month low according to Bloomberg vessel tracking - with flows expected to dip further.
- Russia’s seaborne crude flows in the week to July 21 fell by about 150,000bpd to 2.83mn bpd, reversing about three-quarters of the previous week’s gain.
- On a four-week average basis, exports dropped by 55,000 bpd to 3.06 mn bpd - the slowest pace since December.
- There is no evidence of maintenance work or storms to explain the most recent slump according to Bloomberg and likely shows higher compliance with OPEC+ cuts.
- Deputy PM Novak said earlier that Russia was nearing its OPEC+ production levels in July and was set to compensate for overproduction this year.
- Russia domestic refining has also recovered to a six-month high in July, while Monday’s Tuapse refinery is still operational despite the latest drone attack on Monday according to Novak.
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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