Russia’s Crude Exports Still Show Little Sign of Production Cuts
Shipments remain close to 3.4 million barrels a day for a second week
There’s little evidence for production cuts at Russian oil fields, with seaborne exports remaining at elevated levels.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s crude oil exports are showing no sign of dropping, even as the government says output has been cut.
Flows from Russian ports were virtually unchanged after the previous week’s recovery, averaging 3.4 million barrels a day, according to tanker-tracking data compiled by Bloomberg. Strong demand from Russia’s remaining buyers — mostly confined to China, India and Turkey — helped volumes hit a new high on a four-week average basis.