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Russian Seaborne Crude Exports Maintain Decline Ahead of OPEC+ Meet

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Russia’s seaborne crude exports have slipped back ahead of the latest OPEC+ meeting as the group wrestles with Russia’s confusing commitments to the group since the Ukraine invasion.

  • Russian flows have slipped in the weekly data on the back of lower volumes out of Black Sea and Arctic ports. Baltic flows were steady while Pacific flows rose.
  • It’s total seaborne crude flows in the week to May 26 fell by about 170,000 bpd to 3.22mn bpd from 3.39mn bpd for the week to May 19 according to Bloomberg vessel tracking.
  • The less volatile four-week average also dropped, down by about 50,000 bpd to 3.38 mn bpd, the third straight weekly decline.
  • Russia has pledged to OPEC+ it will compensate for April overproduction with higher domestic refinery runs supporting it to slow down on the export front too.

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Russia’s seaborne crude exports have slipped back ahead of the latest OPEC+ meeting as the group wrestles with Russia’s confusing commitments to the group since the Ukraine invasion.

  • Russian flows have slipped in the weekly data on the back of lower volumes out of Black Sea and Arctic ports. Baltic flows were steady while Pacific flows rose.
  • It’s total seaborne crude flows in the week to May 26 fell by about 170,000 bpd to 3.22mn bpd from 3.39mn bpd for the week to May 19 according to Bloomberg vessel tracking.
  • The less volatile four-week average also dropped, down by about 50,000 bpd to 3.38 mn bpd, the third straight weekly decline.
  • Russia has pledged to OPEC+ it will compensate for April overproduction with higher domestic refinery runs supporting it to slow down on the export front too.

Keep reading...Show less