Russia’s crude oil exports surged by 570,000 barrels per day (bpd) last week, reaching 3.36 million bpd. This increase comes just days before the OPEC+ meeting, where the group will discuss production plans for early 2025.
The rise in shipments, reported for the week ending December 1, was driven by more vessels loading from Russia’s western ports, according to tanker-tracking data analyzed by Bloomberg.
For the first time in three weeks, the four-week average of Russian crude oil exports also increased. The average shipments over the four weeks to December 1 were 3.13 million bpd, up 50,000 bpd from the previous four-week period ending November 24.
The four-week average provides a more stable view of exports as it accounts for weather disruptions and short-term issues that might affect weekly data.
Russian shipments from its western ports on the Baltic and Black Seas recovered in the week to December 1, after two weeks of reduced activity, Bloomberg said.
This follows a decline in shipments in the previous week to November 24, when Russia’s crude oil exports hit a two-month low. That drop was partly due to fewer shipments to India, according to Bloomberg’s tanker-tracking data.
The surge in shipments comes ahead of the OPEC+ meeting on December 5, where Russia and other members will discuss production levels. Speculation in the market suggests that OPEC+ may extend its production cuts for another three months, through the end of the first quarter of 2025, Reuters reported on Tuesday, citing anonymous sources from the group.
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