• 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
  • 37 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 21 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 12 days Does Toyota Know Something That We Don’t?
  • 24 hours World could get rid of Putin and Russia but nobody is bold enough
  • 22 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Is This the Death of the American Penny?

Is This the Death of the American Penny?

Inflation has devalued the US…

Russia Boosts Fuel Shipments After Pledge to Deepen Export Cuts

Russia has been raising its exports of fuels in recent weeks as refiners ramped up processing and Moscow lifted most restrictions on exports of fuels that were introduced in September.    

Russia’s fuel exports by sea averaged around 2.4 million barrels per day (bpd) in the four weeks to December 17—the highest volume of fuel shipments since the middle of September, per data from analytics firm Vortexa compiled by Bloomberg.

Weekly exports in the week ending December 17 surged to over 3 million bpd—the highest level of weekly fuel exports since the end of March, according to the data.   

Weekly exports are more volatile and representative of loading schedules and weather-related loading disruptions, but the four-week averages continue to show an increase in Russian fuel shipments amid higher refining processing rates and continued easing of fuel export restrictions.

In late September and early October, Russia had a temporary ban on diesel shipments, as well as a nearly two-month-long ban on gasoline exports between the end of September and the middle of November. Russia motivated the bans with the need to stabilize domestic fuel prices amid soaring crude prices and a weak Russian ruble.

The latest jump in fuel exports and continued strong observed crude oil shipments further muddles estimates of Russian oil supply to the market and Moscow’s adherence to its pledged export cuts. 

Russia has vowed to reduce its oil exports by 300,000 bpd until the end of 2023, in a show of solidarity with its OPEC+ partner Saudi Arabia, which is voluntarily reducing its oil production by 1 million bpd until 2023.

At the latest OPEC+ meeting, Russia said it would deepen the export cut to 500,000 bpd in the first quarter of 2024, with May and June of 2023 being the reference export levels for the cut, which will consist of 300,000 bpd of crude and 200,000 bpd of refined products.

ADVERTISEMENT

Since the invasion of Ukraine, Russia has classified its oil production and export data, saying it would not provide detailed information about its oil sector which could be used by the West to track down and clamp down on Russia’s oil exports, or oil revenues.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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