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Russia’s Crude Oil Flows Above Output Target

OIL

Russia’s crude oil flows have climbed for the third consecutive week and are above the targets in their agreement with Saudi Arabia, according to Bloomberg.

  • Russia’s crude shipments averaged 3.64m b/d in the week to Oct. 29, up 3% on the previous week.
  • The four-week average for exports dropped by20k b/d to 3.48m b/d, 195k b/d above the agreed output target.
  • Despite exporting above the agreed level, Russia pledged to maintain its voluntary crude oil output cut of 300k b/d until the end of the year.

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