Crude oil seaborne deliveries to Russia fell to their lowest in almost two months due to unfavorable weather and a Ukrainian drone attack that briefly stopped the flow of oil from a key export terminal in the Leningrad region. This is reported by Bloomberg.
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About 3.36 million barrels of crude oil per day were shipped from Russian ports four weeks before January 21. This is 50,000 barrels per day less than the revised figure for the period up to January 14.
The weekly average fell by 340 thousand barrels per day to a seven-week minimum of 3.02 million barrels.
< p>It is noted that Russian oil exports have decreased in some ports due to bad weather and a Ukrainian drone strike on a condensate processing plant in Ust-Luga, Leningrad region, which is why loading was stopped on Sunday and postponed to next week.
Russia said it would cut oil exports by 500,000 barrels per day during the first quarter, after several other members of the OPEC+ group agreed to further curb production.
The cuts will be spread across supplies crude oil – by 300 thousand barrels per day and petroleum products. The 4-week crude oil average was approximately 220 thousand barrels per day below May-June 2023 levels.