In fact, but not essentially. Russia has sharply reduced seaborne oil exports | Economics | Money

In fact, but not essentially.  Russia has sharply reduced seaborne oil exports |  Economics |  Money

Russia has sharply reduced seaborne oil exports to 2.7 million barrels per day, it said Bloomberg agency, which is the lowest value since August. According to expert of the financial university under the government of the Russian Federation, leading analyst of the National Energy Security Fund Igor Yushkovsuch publications are more likely to be an information campaign rather than deep analytics.

During the week from November 13 to November 19, seaborne oil exports from Russia fell to an August low, averaging only 2.7 million barrels per day, calculated based on vessel traffic data in Bloomberg, which is 580 thousand less than the previous week. . The news agency emphasizes that “this step was taken after an increase in supplies in October” and links it with the upcoming OPEC+ ministerial meeting on November 26, where they will verify the fulfillment of the alliance member countries of their obligations on the maximum level of oil production and exports and develop a strategy for future.

According to Igor Yushkov, the publication is indeed timed to coincide with the meeting of OPEC+ ministers, but “its goal is a split in the alliance of oil-producing countries,” the expert believes. “And first of all, they are aimed at Saudi Arabia. Both Bloomberg and Reuters have been “pumping up” the topic of large Russian oil exports for a long time, exceeding the restrictions that we have undertaken as part of the OPEC+ agreements and on a voluntary basis,” explains Igor Yushkov. Both news agencies hope to convince that Moscow is cheating by producing and exporting beyond agreements, and to provoke Riyadh to respond by increasing supplies to global markets, which, in turn, will result in a fall in oil prices. True, everyone, including those in the Middle East, understands this policy of Bloomberg and Reuters well; “some time ago their journalists even stopped being accredited to OPEC events,” the expert recalled.

In fact, Russia voluntarily reduced exports by 500 thousand barrels per day back in August, extended the restriction in November, but by 300 thousand barrels per day, and strictly adheres to its obligations. “We are not deceiving anyone,” Igor Yushkov is sure. — And the real volume of Russian exports must be judged taking into account pipeline supplies. We are still pumping fuel in the direction of the Czech Republic, Hungary, Slovakia, Serbia, and such a time period as a week is not indicative, sometimes we ship more “by pipe”, sometimes by sea, there may well be significant fluctuations in volumes in favor of that or other logistics,” the expert concluded.

Earlier, Igor Yushkov explained specifically for why European countries do not refuse to purchase Russian LNG.


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