Russia’s Overseas Crude Shipments Slump to a Six-Month Low
Country’s seaborne crude flows are down by 780,000 barrels a day from their mid-May peak
Russia’s seaborne crude flows fall to their lowest since January
Photographer: Marcelo del Pozo/BloombergRussia’s seaborne crude flows sank to a six-month low in the latest four-week period as Moscow finally appears to be making good on its pledge to cut supply to international markets.
Crude shipments in the four weeks to July 16 dropped to 3.1 million barrels a day, according to vessel-tracking data monitored by Bloomberg and corroborated by other data sources. That’s down by 780,000 barrels a day from their peak in the 28 days to May 14. Shipments were 270,000 barrels a day below the level in February, the baseline month cited when the Russian government announced an output cut to come into effect in March.