Russian Crude Oil Shipments Bounce Back From 11-Month Low

Russian crude oil exports by sea increased by an average 80,000 barrels per day (bpd) in the four weeks to August 11 as Moscow’s shipments began to recover from their lowest four-week average level hit two weeks ago, vessel-tracking data monitored by Bloomberg showed on Wednesday.

The four-week average exports out of Russia’s oil terminals jumped to a five-week high of 3.19 million bpd in the four weeks to August 11, per the data reported by Bloomberg’s Julian Lee.

Last week saw the second consecutive increase in four-week average crude oil shipments, after a 130,000-bpd jump in exports in the week to August 4.

Despite the rebound from the 11-month low in the four weeks to July 28, Russian crude exports continue to be around 500,000 bpd below the recent high from April this year, the cargo data tracked by Bloomberg showed.

At the end of July, Russian seaborne crude oil exports dropped to their lowest level since August 2023, as Russia’s refinery runs were rising and Moscow was working to comply with its OPEC+ production quota.

The subsequent rises in exports could be partly attributed to still above-quota production in Russia.  

Moscow reduced some oil output in July, but it was still pumping above the ceiling it has pledged under the OPEC+ agreement, Russia’s Energy Ministry said last week.

Russia exceeded its targeted production by 67,000 bpd last month, the ministry added, noting that the country would strive to fall in line in with the targets in the coming months.

“In July, production in Russia fell even further compared to June, exceeding the targets by 67,000 barrels per day due to specific problems with the supply schedule,” the Energy Ministry said in a statement carried by Russia’s news agency TASS.

“The levels in August and September should correct this,” the ministry added.

By Tsvetana Paraskova for Oilprice.com

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