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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.
OIL
Russia's oil exports fell to a six-week low, reversing a previous trend, while the European Union said Russia was forced to cut oil output according to Bloomberg.
- Aggregate flows of Russian crude fell by 562kbpd, or 16%, in the seven days to 10 Feb.
- Combined shipments from the Arctic and the Pacific were down by 500kbpd, Black Sea also slumped, while as exports from its Baltic ports edged higher.
- Deputy Prime Minister Alexander Novak last week announced Russia will cut its crude oil exports by 500kbpd from March as a response to Western sanctions.
- The European Union said Russia did not voluntarily cut exports. “It was forced on them. They don’t have the ability to keep up the production volumes because they don’t have access to necessary technology,” EU Energy Commissioner Kadri Simson said.
- The sanctions have restricted Russia’s ability to find buyers for the 10.9mbpd it was pumping as of late 2022, Simson said, adding that the giant producer is struggling even after accepting big discounts for its supplies.
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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