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Russian Oil Exports Surge Late March to New High

OIL

Russia’s threated crude output cut since March has had little impact on its exports so far.

  • The nation’s crude shipments surged by 1 million barrels a day on a weekly basis to a new high of 4.13 million barrels a day in the seven days to March 31, according to Bloomberg tanker tracking.
  • The late March boost in flows is understood to be partly driven by catching up on weather delayed flows from some of Russia’s Black Sea ports in February.
  • The less-volatile four-week average jumped to the highest since June.
  • Russia pledged to originally cut production by 500,000 bpd March, extending it to June and now the whole of 2023, in a bid to drive up process and counter western price caps.
  • Reuters reported that for the first three weeks of March, Russian crude production had only fallen by 300,000 bpd, which draws into question how committed Russia is towards the cuts at present.


source: Bloomberg

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