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Russian Seaborne Crude Exports Tick to 3.7mn bpd

OIL

Russian seaborne crude exports ticked higher in the latest data to June 16 according to Bloomberg vessel tracking.

  • They rose by 5% to a two-month high of 3.7mn bpd. They were also up on a four-week average basis, increasing by ~80,000bpd to 3.42mn bpd - the second straight increase.
  • Moscow has pledged to compensate for pumping oil above its target in April and for the “limited excessive’ output seen in May as part of OPEC+ commitments which helped ease fears in the market.

Source: Bloomberg

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