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OIL
Russia’s seaborne crude shipments in the week to Aug. 27 jumped to their highest in two months, according to Bloomberg.
- Total crude shipments totalled 3.4m b/d, up 0.88m b/d.
- The largest increases in exports came from the Baltic ports of Primorsk and Ust-Luga.
- The four-week average of crude shipments remains 0.96m b/d below the peak in mid-May and is 0.46m b/d lower than levels in February.
- February is the baseline comparison month for production before the Russian government announced a 0.5m b/d cut to production.
- Russia will also follow Saudi Arabia and extend their export cuts into September, although the size of the cut will be reduced to 0.3m b/d compared to 0.5m b/d in August.
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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