(MENAFN) Russian seaborne oil exports experienced a robust rebound in the week ending February 4, according to a report from Bloomberg on Tuesday. After two weeks of disruptions, maritime exports of Russian crude oil reached record-equaling levels from the country's major ports. The weekly average shipments surged by approximately 880,000 barrels per day, marking the highest since the beginning of the year.
The recovery in flows was particularly notable from Russia's main export terminals. The Pacific port of Kozmino rebounded to match previous highs, overcoming disruptions caused by a recent storm that had halved exports. Simultaneously, the Baltic port of Ust-Luga witnessed an increase following maintenance work that had temporarily reduced flows in the preceding month. Additionally, exports from the Primorsk port in the Gulf of Finland equaled the record set in the previous week.
In terms of monetary value, Russia's crude exports reported a significant jump to USD1.79 billion in the seven days ending February 4, compared to USD1.32 billion recorded in the previous week. This marked the highest figure in more than three months. The four-week average income also increased by USD86 million to reach USD1.49 billion per week.
Despite the surge in shipments, Russia's seaborne oil exports surpassed the levels agreed upon with OPEC+ allies for the first quarter on a weekly basis, reaching nearly 400,000 barrels per day above the agreed target. However, on a four-week measure, the levels remained 100,000 barrels per day below the target.
Russia had committed to reducing oil exports by 500,000 barrels per day below the May-June average during the first quarter of the current year as part of the OPEC+ agreement. This reduction is expected to be shared between a cut in Russian crude shipments by 300,000 barrels per day and refined products. The recent surge in seaborne oil shipments, despite initial disruptions, raises questions about the broader implications for global oil markets and the dynamics within the OPEC+ alliance.
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