$BTC
🛢️ RUSSIAN OIL: Fewer shipments, higher prices 📉🇷🇺
Recent tracking data for tanker vessels and OPEC reports point to a complex outlook for Russia’s oil industry: the volume of its seaborne exports continues to fall, but the value of its Urals crude has managed to trade at a premium over international benchmarks.
📊 Key report highlights
🔸🔹Decline in seaborne exports: Russian crude exports by sea slipped to 3.46 million barrels per day (bpd) in the four-week average ending August 23.
🔸🔹Production at a six-year low: According to OPEC figures, oil production in Russia fell to 8.89 million bpd in July, its lowest level in six years and nearly 1 million bpd below its permitted limit under the OPEC+ alliance.
🔸🔹Loads for the week: In the week ending August 23, a total of 33 tanker vessels loaded 24.79 million barrels, a slight increase from the 23.84 million barrels loaded in the previous week.
🔸🔹Prices rise: Despite the lower export volume, the Urals Russian blend price outpaced its international equivalents, partially easing the financial impact on the Kremlin’s revenues.
🌍 The reconfiguration of the Asian market
The flow of seaborne crude continues to be heavily concentrated in Asia, mainly to China and India, along with a significant portion labeled as “unknown destination” or transshipped at sea. The global energy market is still adjusting to logistical constraints, drone attacks on infrastructure, and production limits imposed by production agreements.#BinanceSquareTalks #BinanceSquareFamily #Write2Earn
🛢️ RUSSIAN OIL: Fewer shipments, higher prices 📉🇷🇺
Recent tracking data for tanker vessels and OPEC reports point to a complex outlook for Russia’s oil industry: the volume of its seaborne exports continues to fall, but the value of its Urals crude has managed to trade at a premium over international benchmarks.
📊 Key report highlights
🔸🔹Decline in seaborne exports: Russian crude exports by sea slipped to 3.46 million barrels per day (bpd) in the four-week average ending August 23.
🔸🔹Production at a six-year low: According to OPEC figures, oil production in Russia fell to 8.89 million bpd in July, its lowest level in six years and nearly 1 million bpd below its permitted limit under the OPEC+ alliance.
🔸🔹Loads for the week: In the week ending August 23, a total of 33 tanker vessels loaded 24.79 million barrels, a slight increase from the 23.84 million barrels loaded in the previous week.
🔸🔹Prices rise: Despite the lower export volume, the Urals Russian blend price outpaced its international equivalents, partially easing the financial impact on the Kremlin’s revenues.
🌍 The reconfiguration of the Asian market
The flow of seaborne crude continues to be heavily concentrated in Asia, mainly to China and India, along with a significant portion labeled as “unknown destination” or transshipped at sea. The global energy market is still adjusting to logistical constraints, drone attacks on infrastructure, and production limits imposed by production agreements.#BinanceSquareTalks #BinanceSquareFamily #Write2Earn
