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OIL
Russia’s seaborne crude exports surged by 590kb/d to 3.7mb/d and the highest level for the year so far in the week to March 10 according to Bloomberg ship tracking.
- The increase was driven by a rebound in shipments from the Pacific port of Kozmino after storm disruption the previous week. Eleven tankers were loaded at the Pacific port last week and only one fewer than the record number seen in the week to Feb. 4.
- Shipments of Sokol crude from De Kastri have returned to near normal levels with direct shuttle tanker deliveries to Chinese refiners. Sokol supply to India remains limited but a first Sokol cargo has been delivered to a refinery in Pakistan.
- Weekly flows were 420kb/d above Russia’s pledge target for Q1 while the four-week average was up to 3.36mb/d and 80kb/d above target. Russia plans to move away from export targets during Q2 in favour of a production cap.
- Shipments to Asian customers edged higher to 2.92mb/d in the four weeks to March 10 with about 1.37mb/d signalling China and 1.08mb/d 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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