Riyadh has been willing to overlook Moscow’s failure to curb supply, but that may change if demand forecasts prove too optimistic.
Four-week average seaborne shipments edge up to within 100,000 barrels a day of a record
UAE emerges a winner with higher output next year while Russia is spared the burden of fresh cuts.
Moscow will continue to pretend it has reduced supply, but the fiction may become harder to maintain.
Seaborne exports dip but remain 270,000 barrels a day higher than February, the baseline for output reduction
Goldman Sachs’ mea culpa on commodities and the Bank of England’s miss on UK inflation show the models aren’t working.
Shipments from Russian ports are 1.2 million barrels a day higher than at the end of 2022
The IEA has boosted its forecast for Chinese consumption growth this year, but cut its assessment of how much the nation will actually use. Confused? You should be.
The volume leaving Russia on tankers has risen by 10% since early April
Environmental safety fears surround the new trade in Russian oil which is less transparent, involves older ships and is more difficult to monitor
Moscow’s assertion that high shipments by sea are offset by lower piped flows to Europe doesn’t appear to stand up to scrutiny.
Four-week average crude shipments continue to rise even as Russia insists it’s cutting production
Tehran’s ship seizures are raising the stakes for owners and charterers, but it’s the sailors plying the world’s busiest oil chokepoint who are paying the highest price.
Russia’s shipments top 4 million barrels a day for only the second time since the invasion of Ukraine
The group’s shock decision has yet to rekindle the market, but at least it hasn't fallen further.
Shipments remain close to 3.4 million barrels a day for a second week