Russian seaborne oil exports reach 11-month high

(MENAFN) According to a report by Bloomberg, maritime exports of Russian crude oil surged to nearly a year-on-year high during the second week of April, with flows from the country's major ports approaching peak levels. Ship-tracking data revealed that Russian seaborne crude exports soared by 560,000 barrels per day (bpd) to reach 3.95 million bpd, marking the highest volume since May 2023.

The less volatile four-week average also witnessed a substantial increase, rising by approximately 250,000 bpd to 3.66 million bpd, reaching its highest level since early June 2023.

Weekly average shipments stood at around 365,000 bpd, exceeding Russia's April target by about 490,000 bpd. This surge in exports comes amid efforts by the OPEC+ alliance to curb output and balance oil prices.

As part of its commitment to the alliance, Russia has pledged to reduce oil exports by 500,000 bpd below the May-June average during the first quarter of the current year. This reduction will be shared between crude shipments and refined products. Despite these agreements, flows from Russia's main export terminals have surged significantly, nearing historical highs.

Vessel-tracking data revealed that Primorsk port, one of the country's largest oil-loading facilities located in the Gulf of Finland, handled ten tankers in three of the past four weeks. This uptick in exports underscores Russia's prominent role in global oil markets and its ability to influence global supply dynamics.



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