Russian Oil Exports Exceed Limits, Raising Questions
Russian authorities are under scrutiny for purportedly failing to meet their commitment to reduce oil exports by 300,000 barrels per day, as highlighted by Rystad Energy, a Norwegian entity.
There are indications of a significant surplus of oil that surpasses the intended export limits set by the country.
Senior Vice President Jorge Leon from Rystad pointed out that October’s Russian crude oil exports notably exceeded the officially declared targets, with shipping data indicating a supply of 3.54 million barrels per day, exceeding the maximum target by about 300,000 barrels per day.
Rystad’s early assessments suggest that the total Russian oil exports in October might have exceeded the planned level by approximately 400,000 barrels per day, reaching 5.17 million barrels per day—the highest volume recorded in the last six months.
The surge in exports appears linked to Moscow’s temporary ban on oil product exports, reportedly aimed at curbing rising domestic oil product prices.
Russian producers took advantage of low refinery activities in October, following a buildup of oil stocks over the preceding three months.
An anticipated decline in Russian crude exports for the remainder of the year is expected, attributed to the ongoing recovery in Russian refinery operations following the lift of the ban on oil product exports.
The stability of Russian exports at the targeted level in the coming weeks could potentially avert conflicts with OPEC leader Saudi Arabia, arising from the breach of commitments observed in October.