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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.
OIL
Russia’s seaborne crude flows declined by 123kbpd in the seven days to 24 March to 3.11mbpd but exports are holding strong overall, meaning a pledge by the Kremlin to cut the nation's production sharply has yet to feed through into supplies to the international marketplace according to tanker-tracking data by Bloomberg.
- The less-volatile four-week average dipped by a similar amount. It’s the sixth straight week they've held above 3mbpd.
- Russia pledged to lower output by 500kbpd from this month through June in response to the G7/EU price cap.. The planned cut has yet to show up in cargo data. Since the reduction was announced oil prices have fallen sharply, suggesting little trader anxiety about the threatened curtailment.
- Any production drop will initially be offset by reduced demand from the nation’s refineries during a period of seasonal maintenance. Lost pipeline flows to Europe are also adding to the volumes available for export by sea.
- 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 slipped back in the latest four-week period, to an average 3.1mbpd, dropping to their lowest in six weeks.
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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