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Russian Crude Exports Strong Ahead of Expected March Production Cut

OIL

Russian seaborne crude exports rose marginally to 3.63mbpd in the week to 24 Feb with the four week average up by 39kbpd to 3.38mbpd according to vessel tracking data by Bloomberg.

  • The four week average crude volumes to China, India, Turkey and to unknown destinations rose to 3.27mbpd. This was the highest since tracking began at the start of 2022. Historical flows suggest most of the unknown destination cargoes will head to India.
  • Total Russian production is expected to be cut by 500kbpd in March.

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