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Russian Seaborne Crude Exports Slipping but Remain Above Claimed Baseline

OIL

Four-week average seaborne oil shipments out of Russia, fell for the first time in six weeks in the period to May 28, slipping to 3.64 million barrels a day according to Bloomberg vessel tracking.

  • They remain 270,000 bpd higher than Feb – the basis for the 500kbd voluntary cut.
  • Vortexa reported a drop off around 300kbd in May 1-20, versus full month April levels. They said the drop is important because it marks the first-time volumes have fallen since Russia’s 500kbd cut was announced.
  • Russian refineries have cut their crude processing in May. Runs fell to 5.24 million barrels a day on average from May 1 to 24, their lowest level in a year according to Bloomberg.
  • Lower refinery runs are pushing higher crude volumes onto the export market but still fall short of providing the evidence for full 500 kbd Russian oil production cuts – claimed by Russian officials.



source: Bloomberg

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