Russian Maritime Oil Exports Fall For First Time In 2017
Russia exported 4.822 million bpd of crude oil by sea in May, down from a record 5.21 million bpd in the previous month, energy data provider
What’s more, Kpler says, this month should see another draw in Russian exports. The data provider sees them, based on loadings until now, at between 4.2 million and 4.4 million barrels daily. This, the company notes, is the lowest since August 2016.
These data give a reason to hope that the production cut OPEC and Russia extended in May are having an impact on more than Saudi Arabia’s crude exports. But while maritime exports constitute a substantial part of Russian crude exports, the country also ships a lot of crude by pipelines, and there is no information yet about how these shipments looked last month.
Even if pipeline exports in May also declined, chances are the effect of this information on international prices will be limited. The EIA yesterday said U.S. crude production grew last week, by 20,000 bpd to