The increase in commodity exports to foreign countries could jeopardize the implementation of the plan to reduce oil production in Russia by 500,000 barrels per day per month. Between May 1 and May 17, local refineries (refineries) reduced production by only 372,000 barrels per day compared to February figures, informs Bloomberg agency, citing a source.
Russian refineries have processed less crude since the beginning of this month due to seasonal maintenance work. However, according to the statements of Deputy Prime Minister Alexander Novak, the reduction was less significant than expected. As a result, some of the raw materials are sent to foreign energy markets, including Asian countries, the article states.
“Russian refineries reduced their average daily production to 5.34 million barrels from May 1 to May 17. That’s about 372,000 barrels per day less than in February. <….> However, local refineries seem to divert volumes of crude oil not processed domestically abroad. Nationally, offshore oil shipments so far in May were nearly 400,000 barrels per day higher than in February.
May 22 Bloomberg cites its own ship tracking data reportedRussia continues to increase its oil supply by sea. Within four weeks, the volume of oil transported by sea reached about 4 million barrels per day (b/d). Deliveries are 1.2 million bpd higher than at the end of 2022.