Maritime shipping of Russian oil fell to February low – Kommersant
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Maritime transportation of Russian oil over the past month fell to a minimum compared to February, reports Bloomberg with reference to collected ship tracking data. As of July 16, they fell to 3.1 million barrels per day (b / d).
The July 16 figure, according to Bloomberg, is 270,000 bpd below the level recorded in February, ahead of Russia’s announcement of a voluntary production cut. Then it was 3.38 million bpd. Since then, Bloomberg published data showing that there was no contraction.
Deliveries to Asia fell to 2.77 million b/d by July 16. According to Bloomberg, in particular, the volume of deliveries to India decreased to 1.75 million bpd.
In February, Deputy Prime Minister Alexander Novak informedthat Russia in March will reduce oil production by 500 thousand barrels per day. The cut was then extended until the end of 2023. According to Mr. Novak, production this year will decrease by 20 million tons, to 515 million tons.
Russia, Saudi Arabia, Iraq, the UAE, Kuwait and other OPEC+ countries have agreed to reduce production in May by a total of 1.6 million b/d. However, the OPEC report stated that in March Russia reduced production by only 300 thousand barrels per day. According to the WSJ, Saudi Arabia turned out dissatisfied with the performance of Russia. Meanwhile, in early July, Bloomberg fixed decline in production.
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