Sea-borne exports of Russian oil to foreign countries reached a new peak in the last week of March, exceeding 4 million barrels per day. This came despite the Russian authorities’ plans to reduce the daily production of raw materials by 500,000 barrels per day in the first month of spring. informs Bloomberg cites tanker tracking data.
“Russia’s oil shipments by sea are increasing, and there is no indication that the Kremlin’s threat to cut production has any impact on the volume available on the international market. Deliveries to the country have increased by 1 million barrels per day in the seven days to 31 March. It hits a new high of 4.13 million barrels, with the less volatile four-week average jumping to its highest level since June.
April 2, Deputy Prime Minister Alexander Novak declarationHe said that the decision to reduce the daily oil production volume by 500 thousand barrels will be extended from March until the end of this year. Saudi Arabia has taken a similar step.
At the same time, the rest of the OPEC+ countries also expressed their intention to reduce their daily output: UAE — 144,000 bbl/d, Oman — 40,000 bpd, Kuwait — 128k, Algeria – 48k, and Iraq – 211k .