Russian crude oil exports within the first week of 2024 down by 500,000 bpd

Data through Oil price:

• On the newest OPEC+ assembly on the finish of November, Russia mentioned it might deepen the export lower to 500,000 bpd within the first quarter of 2024 – with Might and June 2023 being the reference export ranges for the lower.
• The primary week of 2024 confirmed Russia … common exports of three.28 million bpd have been down by 300,000 bpd from Might-June 2023, and down by 500,000 bpd in comparison with the earlier week to December 31.

Trying forward it is slightly extra unsure says the report:

• It’s not clear whether or not Russia will hold its exports as little as deliberate going ahead as Moscow has at all times been evasive about its compliance with the OPEC+ settlement, even earlier than the Russian invasion of Ukraine.

Earlier right now we had stock information:

• Oil – private survey of inventory shows much larger draw than was expected

Crude has inched greater:

This text was written by Eamonn Sheridan at www.forexlive.com.