Russia has not reduced its oil exports, despite its commitments
Oil shipments from Russia have not dropped in recent months despite a Russian pledge to cut production by 500,000 barrels per day (bpd) starting in March, a Bloomberg analysis of shipping data showed on Friday.
The most recent data on tanker tracking suggests that Russian crude oil exports by sea are on the rise instead of declining.
The four-week average of crude oil shipments from Russian export terminals rose for the sixth consecutive week in the week to May 19, according to tanker tracking data reported by Bloomberg's Julian Lee.
Russia's crude oil exports averaged nearly 4 million bpd over the four weeks, up 15% from shipments in the first week of April. The four-week average export volume was the highest since Bloomberg began tracking Russian crude shipments in detail in early 2022, when Russia invaded Ukraine.
Russia has said the 500,000 bpd cuts will extend through the end of 2023, but recent weeks' crude export data does not reflect any cuts – in fact, Russia's seaborne crude exports are on the rise.
Earlier this month it emerged that Russian Deputy Energy Minister Pavel Sorokin tried to convince Western analysts, in a rare phone call, that Russia is actually reducing oil production by 500,000 bpd.
But the International Energy Agency (IEA) said last week that Russia has so far failed to cut oil production by 500,000 bpd as promised, and may even seek to ramp up production to compensate for the shortfalls. income.
Russian exports of crude oil and petroleum products continue to prove resilient, reaching their highest level since the invasion of Ukraine of 8.3 million bpd in April, the IEA said in its popular Oil Market Report. .
“According to our estimates, Moscow has not fully implemented the announced supply cut of 500 kb/d. Indeed, Russia may increase volumes to compensate for revenue shortfalls,” the IEA said.
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The article Russia has not reduced oil exports, despite its commitments comes from Scenari Economics .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-russia-non-ha-calato-lexport-di-petrolio-nonostante-gli-impegni/ on Sat, 27 May 2023 06:00:31 +0000.