Russia appears to have complied in January with its pledge to reduce crude oil exports by 300,000 barrels per day (bpd) this quarter, anonymous sources with knowledge of Russian energy ministry data, which is not public, have told Bloomberg . At the latest OPEC+ meeting at the end of November, Russia said it would deepen the export cut to 500,000 bpd in the first quarter of 2024 – with May and June 2023 being the reference export levels for the cut. The cut this quarter will consist of reductions in exports of 300,000 bpd of crude and 200,000 bpd of refined products.
In crude exports, Russia is estimated to have exported 4.59 million bpd both via tankers and pipelines last month. The decline from the May-June average, used as a baseline for the export cut, is equal to around 307,000 bpd, according to Bloomberg calculations and conversion of data in […]
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