Russia’s Crude Shipments Rebound to the Highest Level This Year
Pacific cargoes surged to take overall flows to 3.7 million barrels a day in the week to March 10
A rebound in shipments from the Pacific port of Kozmino drove exports to their highest so far in 2024.
Russia’s seaborne crude exports surged to the highest level for the year so far, with shipments from a key Pacific port rebounding after a storm hampered loading operations in the previous week.
The 590,000-barrels-a-day jump in the week to March 10 came shortly after Moscow renewed its commitment to the OPEC+ effort to avert a global surplus and shore up prices by restricting output. Weekly flows were 420,000 barrels a day above Russia’s pledge to its partners for the first quarter, with the four-week average topping the target by 80,000 barrels a day.