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Russia’s Four-Week Average Crude Exports Fall: Bloomberg

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Russia’s four-week average crude exports in the period to June 2 declined for a fourth consecutive week, according to Bloomberg, with shipments hitting a three and a half month low.

  • Four-week average shipments were down 115k b/d to 3.27m b/d.
  • The more volatile weekly flows were unchanged at 3.22m b/d.
  • Crude shipments so far in 2023 from Russia are around 5k b/d above the 2023 average.
  • Russia said it would compensate for overproduction in April, which it attributed to “technicalities of making significant output cuts.”
  • The falling output may be a sign that the Kremlin is making good on its promises, Bloomberg said.

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Russia’s four-week average crude exports in the period to June 2 declined for a fourth consecutive week, according to Bloomberg, with shipments hitting a three and a half month low.

  • Four-week average shipments were down 115k b/d to 3.27m b/d.
  • The more volatile weekly flows were unchanged at 3.22m b/d.
  • Crude shipments so far in 2023 from Russia are around 5k b/d above the 2023 average.
  • Russia said it would compensate for overproduction in April, which it attributed to “technicalities of making significant output cuts.”
  • The falling output may be a sign that the Kremlin is making good on its promises, Bloomberg said.

Keep reading...Show less