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OIL
Seaborne crude output from Russian increased again last week to the highest since June according to Bloomberg ship tracking data.
- The four week average crude output increase by 125kbpd to 3.465mbpd in the week to 3 Feb despite a small decline in the weekly data. Four week average flows to Asia have increased up to 3.15mbpd.
- Pipeline flows to Germany and Poland have fallen in recent weeks to about 120kbpd from 510kbpd in mid 2022.
- An increase in Russia’s ‘shadow fleet’ of tankers has helped Russian maintain output to mainly Asian buyers despite the western sanctions.
- More than 41mbpd of exports have left port with no clear destination in the four weeks to 3 Feb. History suggests most of these cargoes are likely to be headed to India.
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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