Russia's Oil Flows Overshoot Target Even as Demand Outlook Dims
Flows exceed Saudi-led plan for balancing market by 360,000 barrels a day
Russia’s seaborne crude flow rises for a third week.
Photographer: Marcelo del Pozo/BloombergThis article is for subscribers only.
Russia’s oil flows climbed for a third week, with shipments exceeding a target set as part of a pact with Saudi Arabia to keep barrels off the market and adding to supply even as the demand outlook weakens.
About 3.64 million barrels a day of crude was shipped from Russian ports in the week to Oct. 29, an increase of 110,000 barrels a day from the previous seven days, tanker-tracking data monitored by Bloomberg show. Despite that gain, the less volatile four-week average edged lower to 3.48 million barrels a day, down by about 20,000 barrels a day from the period to Oct. 22.