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OIL
Combined exports from both seaborne crude and pipeline flows increased by 226kbpd in March according to Bloomberg despite the pledge to cut production by 500kbpd.
- Russia supplied less than 240kbpd to the EU through Druzhba in March, a decrease of 532kbpd from the 2022 average but down just 7kbpd from February. Russia’s seaborne exports in March rose by 233kbpd to 3.68mbpd.
- Russia yesterday confirmed its full commitment and implementation of pledged cuts in crude production according to Deputy Prime Minister Alexander Novak. He added that robust tanker shipments fails to take into account lower pipeline deliveries to Europe.
- Sales to the EU have dropped by more than two thirds and were “only partly compensated by seaborne exports,” he said.
- Russia’s exports via the Druzhba pipeline declined before the country said it would cut production according to Bloomberg. Druzhba pipeline crude flows to Germany halted at the end of 2022 and to Poland halted in late February.
- Russian refining is also not showing a significant decline with April down just 2% compared to March amid seasonal maintenance.
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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