Russian Oil Flows Stay High Three Months Into Pledged Output Cut
Seaborne exports dip but remain 270,000 barrels a day higher than February, the baseline for output reduction
Russia’s crude flows to international markets remain elevated.
BloombergRussian crude oil flows to international markets are edging lower, but still show no substantive sign of the output cuts that the Kremlin insists the country is making.
Four-week average seaborne shipments, which smooth out some of the volatility in weekly numbers, fell for the first time in six weeks in the period to May 28, slipping to 3.64 million barrels a day. But crude flows to international markets remain elevated and are still more than 1.4 million barrels a day higher than they were at the end of last year and 270,000 barrels a day up on February, the baseline month for the pledged cut.