Russia Cuts Crude Oil Exports to Keep More Barrels at Home for Refiners
- Seaborne crude shipments have slumped to lowest since January
- Domestic refining in July is on track to reach six-month high
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Russia is suddenly exporting much less oil, crimping supplies to the large Asian economies that have come to rely on Moscow for discounted energy supplies since the invasion of Ukraine.
The country’s seaborne crude shipments have slumped to the lowest since January, and are likely to remain near that level through to the end of August. The shift in flows is a mirror image of Russia’s domestic refining rates, which that so far in July are on track to reach a six-month high.