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OIL
Russia’s seaborne crude exports in the first week of April reduced from the year-to date high reached at the end of March, according to Bloomberg.
- Seaborne crude exports were down by 450k b/d on the week to 3.39m bbl in the seven days to April 7.
- The less volatile four-week-average was down around 80k b/d to 3.42m bbl.
- Weekly shipments are around 200k b/d below the May/June average, or around 75k b/d below Russia’s April target as part of OPEC+.
- Flows were curtailed as shipments from the country’s Baltic ports sagged, amid fewer cargoes from Primorsk and Ust-Luga, where volumes fell by 20%.
- Moscow’s earnings also shrank, with exports down to $1.82 billion in the seven days to April 7, compared to $1.95 billion the week prior.
Source: Bloomberg
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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