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OIL
Russia’s four-week average crude exports rose in the period to June 9, ending a four-week run of declines, according to Bloomberg.
- Weekly seaborne crude shipments in the week to June 9 were 3.53m b/d, up 10% on the week. The less volatile four-week average rose by 70k b/d to 3.34m b/d.
- The previous downtrend had cut exports by a total of 390k b/d, or 11%, the largest reversal since November.
- Overseas crude flows have been tracking below levels seen a year earlier ever since April, likely due to the Kremlin’s attempts to adhere to OPEC+ targets.
- Moscow has pledged to compensate for being above target in April, which it blamed on technicalities.
Source: Bloomberg
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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