{"id":1436653,"date":"2023-11-01T09:00:00","date_gmt":"2023-11-01T13:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1436653"},"modified":"2023-11-01T09:00:00","modified_gmt":"2023-11-01T13:00:00","slug":"russias-oil-exports-climb-despite-its-commitment-to-cut-supply","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/russias-oil-exports-climb-despite-its-commitment-to-cut-supply\/1436653\/","title":{"rendered":"Russia’s Oil Exports Climb Despite Its Commitment To Cut Supply"},"content":{"rendered":"

Russia’s Oil Exports Climb Despite Its Commitment To Cut Supply<\/span><\/p>\n

\n

By Tsvetana Paraskova of OilPrice.com<\/a><\/em><\/p>\n

Russia\u2019s crude oil exports by sea have been exceeding the country\u2019s targeted export reductions as part of the OPEC+ pact for weeks, with the most recent week\u2019s observed shipments as high as 360,000 barrels per day (bpd) above target, tanker-tracking data monitored by Bloomberg showed<\/a> on Tuesday. Despite edging lower, four-week average volumes exceeded\u00a0it by almost 200,000 barrels a day in the most recent period.<\/p>\n

<\/a><\/p>\n

In the week to October 29, Russia shipped around 3.64 million bpd of crude oil from its oil export terminals, up by 110,000 compared to the week prior, according to the data reported by Bloomberg\u2019s Julian Lee.\u00a0<\/p>\n

<\/a><\/p>\n

Higher shipments out of the port of Novorossiysk in the Black Sea contributed to most of the gains in crude flows from Russia in the last week of October and were only partially offset by a lower number of crude oil tankers that left Russia\u2019s ports in the Baltic Sea and on the Pacific.<\/p>\n

The four-week average crude oil shipments out of Russia were slightly lower at 3.48 million bpd in the week to October 29, a drop of around 20,000 bpd compared to the four-week average in the four weeks to October 22.<\/p>\n

Even this slightly lower 3.48 million bpd export volume for the average of the four weeks to October 29 was nearly 200,000 bpd higher than the exports Russia would have to ideally stick to in order to fulfill its pledge to cut exports by 300,000 bpd, Bloomberg notes.<\/p>\n

Russia has never been quite clear about what exports it is cutting and how it calculates those volumes.<\/p>\n

Russia\u2019s commitment to reduce its oil exports by 300,000 bpd includes oil products<\/a>, Russian Deputy Prime Minister Alexander Novak said earlier this month in remarks that sowed further confusion about how much oil supply Russia is really withholding from the market.<\/p>\n

Russia has pledged to\u00a0reduce its oil exports<\/a>\u00a0by 300,000 bpd until the end of 2023, in a show of solidarity with its OPEC+ partner Saudi Arabia, which is voluntarily reducing its oil production by 1 million bpd until 2023.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 11\/01\/2023 – 05:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/russias-oil-exports-climb-despite-its-commitment-cut-supply<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Russia’s Oil Exports Climb Despite Its Commitment To Cut Supply By Tsvetana Paraskova of OilPrice.com Russia\u2019s crude oil exports by sea have been exceeding the…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1436653","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-61JP","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1436653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1436653"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1436653\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1436653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1436653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1436653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}