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OIL
Russian crude exports picked up again in the latest weeks data according to Bloomberg vessel tracking.
- The rise came after maintenance work at Russia’s Baltic export terminals eased and storms that had repeatedly hit its main Pacific port in recent weeks began to settle.
- Russia’s seaborne crude flows in the week to March 24 rose 360,000bpd to 3.32mn bpd. On a four-week average basis, they slipped for a second week, dropping by about 40,000 bpd to 3.24mn bpd.
- India is no longer receiving Russian oil via sanctioned Sovcomflot tankers, which has seen Sokol crude volumes build up on the water and divert to China.
- India is still pulling increasing crude volumes from Russia despite the Sovcomflot situation.
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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