Bloomberg: Russian oil exports continue to rise despite pledging to commit to OPEC+ production quota
Russian oil exports continued to rise for the second week in a row, despite Moscow’s pledge to abide by its production quota agreed within the framework of the OPEC+ alliance.
Russia exceeded its production target in May.
According to Bloomberg, average Russian crude oil shipments during the four weeks ending June 16 rose by about 80,000 barrels per day, reaching 3.42 million barrels per day.
Russian seaborne oil flows increased by 5%, reaching a two-month high of 3.7 million barrels per day last week.
The Russian Energy Ministry announced last Thursday that the country’s oil production in May exceeded the quota set by the OPEC+ alliance.
Despite this, the ministry pledged to adhere to the target production levels and settle the issue of surplus production during the month of June.
