• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days They pay YOU to TAKE Natural Gas
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 3 days What fool thought this was a good idea...
  • 6 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 1 day A question...
  • 12 days The United States produced more crude oil than any nation, at any time.
Oil Stabilizes on Small Crude Draw

Oil Stabilizes on Small Crude Draw

Oil prices stabilized and recouped…

Canada's Oil and Gas Industry Soars to New Heights

Canada's Oil and Gas Industry Soars to New Heights

Canada's oil and gas industry…

Is China’s Oil Demand Set For A Major Bounce Back?

Is China’s Oil Demand Set For A Major Bounce Back?

This robust performance across several…

Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

More Info

Premium Content

Russian Oil Output Remains High Much To OPEC's Dismay

  • Russia’s crude oil exports by sea continue to stay high as the latest four-week average shows that shipments are inching up.
  • Russian crude oil shipments are 1.4 million bpd above the level from the end of 2022.
  • Russian crude oil export data in recent weeks have not reflected any cuts—on the contrary, Russian crude oil exports by sea have been rising.
Oil terminal

Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance

Russia’s crude oil exports by sea continue to stay high as the latest four-week average shows that shipments are inching up, much to the frustration of its partners in the OPEC+ deal.

In the four weeks to June 4, the four-week average Russian crude exports by sea rose to 3.73 million barrels per day (bpd), up from a revised 3.68 million bpd in the four weeks to May 28, tanker-tracking data monitored by Bloomberg showed on Tuesday.  

Russian crude oil shipments are 1.4 million bpd above the level from the end of 2022, more than can be accounted for by Germany and Poland stopping Russian crude imports by pipeline, or lower refinery throughput, Bloomberg’s Julian Lee notes. 

On Sunday, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer and the world’s largest crude oil exporter, Saudi Arabia, said it would voluntarily reduce its production by 1 million bpd in July, to around 9 million bpd.

Russia has said it would reduce its oil production by 500,000 bpd from March. The 500,000 bpd cuts will now extend until the end of 2023, and after Sunday’s meeting – to the end of 2024.  

However, Russian crude oil export data in recent weeks have not reflected any cuts—on the contrary, Russian crude oil exports by sea have been rising. 

It looks like Saudi Arabia is fed up with a lack of clarity about Russia’s actual production levels and higher supply to the Asian markets, which is hampering the Saudi attempts to raise oil prices.

Russia has stopped reporting oil production levels, and the market and analysts have to rely on vessel-tracking data, trade sources, and import statistics in China and India about the amount of Russian supply. 

After the OPEC+ meeting in Vienna this weekend, Saudi Energy Minister Prince Abdulaziz bin Salman said, referring to Russia, “We discussed with Russia the issue of its production and asked it to clarify its data, and we have strengthened the concept of transparency with Russia about its oil production figures.”

ADVERTISEMENT

By Tom Kool for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News