Russian Crude Flows Climb Despite Pledge to Stiffen Output Curbs
Seaborne exports have recovered about one-third of their recent decline
Russia shipped 3.7 million barrels a day of crude in the week to June 16.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
Russia’s four-week average crude exports rose for a second straight week in the period to June 16, even as Moscow said it would strictly comply with its OPEC+ output target this month.
After hitting a year-to-date high in mid-April, shipments had been on a downward trend, dropping by 420,000 barrels a day, or 11%, by the start of June. Since then, though, the four-week average has clawed back one-third of the earlier drop. The gain of 80,000 barrels a day in the latest number was driven by a jump in weekly shipments to a two-month high.