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Russian Seaborne Crude Flows Remain Strong Despite Cut Claims

OIL

Russian oil exports remain strong as Russia’s commitment to production cuts draws further questions.

  • Russia claimed last week that its high exports by sea were offset by an unreported drop in piped flows to Europe, which doesn’t appear to stand up to analysis.
  • The four-week average for Russian seaborne crude shipments rose in the period to May 5 to the highest since Bloomberg began tracking them in detail at the start of 2022.
  • Almost all the volumes are headed for India and China.
  • High Russian volumes remaining on the market is weighing on crude prices in early Q2 along with high US and Saudi exports.


source: Bloomberg

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