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OIL
Russia’s seaborne crude exports rose to an 11-month high in the second week of April according to Bloomberg vessel tracking.
- Russia’s seaborne crude flows in the week to April 14 jumped by 560,000 bpd to 3.95 million, reaching the highest level since May 2023. The four-week average also jumped, up by about 250,000bpd to 3.66mn bpd, the highest since June.
- Flows from Primorsk, Ust-Luga, Novorossiysk and Kozmino were close to historical highs.
- The higher exports potentially indicate that lower volumes are able to be processed domestically by Russian refineries after repeated Ukrainian drone attacks in March and are ending up on export markets instead.
- Russia said it would cut crude exports during April by 121,000bpd from their average May-June level as part of the wider OPEC+ initiative. Exports in the first three months of the year were narrowly over that level by 16,000 bpd.
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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