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Russian Four-Week Seaborne Crude Exports Fell to 6-Month Low

OIL

Russian seaborne crude shipments in the four-week period to 16 July fell to the lowest level in six months as output cuts are starting to show according to Bloomberg vessel tracking.

  • The four-week average of seaborne crude exports stood at 3.1mbpd, down by 105kbpd week on week. Weekly shipments rose by 255kbpd to 3.11mbpd.
  • In addition to Russia’s pledged 500kbpd output cuts that took effect from March, the country announced to reduce crude exports by 500kbpd in August.

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