Russia’s oil industry may be under increasing international pressure, but its seaborne exports are far from retreating.
In fact, the country’s shipments rose last month, while many of its OPEC+ coalition partners, including top member Saudi Arabia, fell, according to data firm Kpler Ltd.
Moscow is likely to be looking to maximize oil sales before the European Union ban is extended at the weekend to include refined products and is pushing more cargoes into the water after Germany and Poland all but halted imports of pipes Exports rose 682,000 barrels a day, or 15 percent, to 5.18 million a day, Kpler said. Global oil production was stable, according to government data.
It’s also unclear what drove the decline in Saudi shipments, which fell by 580,000 barrels a day last month, or about 8%. Kpler suggests that the kingdom may have been maintaining its oil fields.
Riyadh has shown no desire for further intervention in global markets, even as crude prices fall, with the kingdom directing OPEC+ to keep output unchanged at a follow-up meeting this week. After making significant supply cuts at the end of 2022, the Organization of the Petroleum Exporting Countries aims to stick with current targets for the rest of this year, an official said.
January’s decline is unlikely to repeat this month, when Saudi exports should recover to about 7.3 million barrels a day, said Viktor Katona, an analyst at Kpler in Vienna.
–With help from Julian Lee.