According to Bloomberg data, crude oil exports per sea of Russia fell to an average of 3.12 million barrels per day in the last four weeks, says CommerzBank raw material analyst Carsten Fritsch.
Russian oil exports reach a minimum of four months
“This is the lowest level in more than four months. The increase in the production objective established by the OPEC+ has not yet been reflected in an increase in oil shipments. A factor could be that Russia cannot increase production as much as it was agreed because it first has to make compensatory cuts to compensate for the previous overproduction.”
“In addition, the demand for Russian refineries has increased in recent weeks, reducing the amount of oil available for export. Russia’s lower supply of oil is probably one of the reasons why oil prices have been able to absorb so well the significant increase in the production of OPEC+ until now.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
