Russia’s crude exports reached a three-month high as cuts were scaled back

For the fourth week in a row, flows stayed above 3.25 million barrels per day. Moscow is pumping extra crude into the market even as it announces that production limitations will be extended until the end of the year.

This has resulted in a three-month high in Russia's seaborne flows. According to tanker-tracking data compiled by Bloomberg, average countrywide shipments increased to 3.34 million barrels per day in the four weeks ending September 17. This is an increase of nearly 465,000 barrels per day from the previous period, with the gains focused at the Baltic ports of Primorsk and Ust-Luga, as well as Novorossiysk on the Black Sea.

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