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| Russian seaborne oil exports have fallen but remain above 3 million barrels per day. (Source: Reuters) |
In particular, Russian seaborne crude flows remain strong, meaning the Kremlin's commitment to deep production cuts remains unfulfilled.
Previously, on February 10, Russian Deputy Prime Minister Alexander Novak announced that the country would cut oil production by 500,000 barrels per day in March 2023, in the context of the West imposing a price ceiling on Moscow's oil and petroleum products.
However, the planned cuts have yet to show up in cargo data.
Data from March 16-24 showed that Russian shipments fell by 123,000 barrels per day to 3.11 million barrels per day. This was the sixth consecutive week that Moscow kept output above 3 million barrels per day.
According to Bloomberg , oil products reaching the European market through the “back door” and the diversion of cargo flows through the Druzhba pipeline have contributed to the increase in the volume of Russian oil exports by sea.
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