The Russian Federation continues to increase oil deliveries by sea

Photo: Bloomberg.

The supply of Russian raw oil to international markets still shows no signs of the reduction in production that the country has been insisting on.

Over the course of four weeks, Russia exported an average of almost 4 million barrels per day by sea, Bloomberg reports.

For the first week of April, shipments increased by 15% and reached a new high for the period since the publication began tracking them at the beginning of last year.

With almost all of Russia’s oil going to China and India, volumes to Asia also rose to new highs. Overall, Russia increased shipments on unspecified tankers, as well as vessels bound for China, Turkey and India, to 3.81 bpd.

Russian oil supplies to Europe from April 22 to May 19 decreased to 63,000 barrels per day. During this period, only Bulgaria imported Russian oil.

According to Bloomberg, Russian oil was transported by 35 tankers. From May 12 to 19, they transported 26.7 million barrels. Russian oil supplies from Novorossiysk decreased to 334,000 barrels per day.

In February, the Russian Federation announced that it would reduce oil production by 500,000 barrels per day starting in March. The Russians believe that this mechanism will restore the balance of supply and demand, as well as help support prices against the background of Western sanctions. However, according to OPEC+ data, oil production in the Russian Federation amounted to 9.7 million barrels per day in March, which is only 300,000 barrels less than in February.