Russian seaborne crude oil exports rebounded slightly in the four weeks to August 11th, but remain below recent highs and Russia is still exceeding its OPEC production quota.
Russia n crude oil exports by sea increased by an average 80,000 barrels per day bpd in the four weeks to August 11 as Moscow’s shipments began to recover from their lowest four-week average level hit two weeks ago, vessel-tracking data monitored by Bloomberg showed on Wednesday. The four-week average exports out of Russia ’s oil terminals jumped to a five-week high of 3.19 million bpd in the four weeks to August 11, per the data reported by Bloomberg ’s Julian Lee.
At the end of July, Russian seaborne crude oil exports dropped to their lowest level since August 2023, as Russia’s refinery runs were rising and Moscow was working to comply with its OPEC production quota. The subsequent rises in exports could be partly attributed to still above-quota production in Russia. Moscow reduced some oil output in July, but it was still pumping above the ceiling it has pledged under the OPEC agreement, Russia’s Energy Ministry said last week.
Oil Exports OPEC+ Production Quota Bloomberg Rebound Four-Week Average Quota Refinery Runs July
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