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OIL
Russian oil exports slipped by 1.24 mn bpd last week versus the week prior in a potential sign that Russian production cuts may be starting to hit exports according to Bloomberg vessel tracking.
- It takes Russian crude exports below 3 million barrels a day for the first time in eight weeks.
- The dip does come after an extraordinarily high pace the week prior.
- Russia has pledged 500,000 bpd crude production cuts until the end of 2023, which along with OPEC+ voluntary cut commitments has sent crude prices soaring over the last week.
- The combined volume of crude on vessels heading to China and India plus smaller flows to Turkey and quantities on ships that haven’t yet shown a final destination fell back to 3.24 million barrels a day in the latest four-week period.
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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