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Russian Oil Product Exports Rebound Well Above OPEC+ Commitments

OIL PRODUCTS

Russian oil product exports rebounded last week to a six-week high and sharply reversed the slump in the prior week according to Bloomberg analysis of Vortexa data.

  • Russian oil product exports averaged 2.63mn bpd in the four weeks to Jan. 28 – 134,000 bpd or 5% higher than the week prior.
  • On a weekly basis they surged 52% from the week prior to 2.99mn bpd.
  • The latest four-week average shipments are 528,000bpd above the first quarter OPEC+ export cut target commitment based on Vortexa estimates.
  • The weekly figure exceeded the target by 884,000bpd.
  • See chart to see export rebound.

Source: Vortexa/Bloomberg

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