Russia’s crude oil exports by sea plunged last week, the most since December 2022, to below 3 million barrels per day (bpd), the lowest level in eight weeks, tanker-tracking data compiled by Bloomberg showed on Tuesday.
In the week to April 7, crude oil shipments from Russia’s export terminals plummeted by 1.24 million bpd, to an eight-week low of 2.89 million bpd, according to the data cited by Bloomberg’s Julian Lee.
The drop in crude oil exports, the steepest decline since storms affected loadings at ports in December, suggests that Russia’s production cuts may have started to affect its crude shipments.
(via ZeroHedge)
[It’s tough to know whether this is by design or circumstance. Russia announced production cuts in conjunction with OPEC+ in order to support higher crude prices. However, there is still a question as to how well Russia can maintain production while sanctions remain in place for the long term. Their sales are now mainly limited to China and India, so this could be a demand issue as well. Worth watching, but not in and of itself conclusive. — Ed]
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