Russia wants to export more Oil – Commerzbank
There are currently conflicting reports about Russia's Oil supplies, Commerzbank's commodity analyst Carsten Fritsch notes.
Russia is actually exporting less Oil
"Export plans for Western ports were increased by 200,000 to 2 million barrels per day in August, according to Reuters, citing three sources familiar with the matter. The reason for this is the Ukrainian drone attacks on Oil refineries in Russia this month, which are said to have shut down at least 17% of processing capacity, leaving more crude Oil available for export."
"However, according to data from Bloomberg, Oil shipments from Russian ports fell to 2.72 million barrels per day in the last reporting week, representing a decline of more than 10% compared to the previous week and a four-week low. The less volatile four-week average remained close to the six-month low recorded in the previous week at 3.06 million barrels per day."
"The decline in Oil exports last week was due to lower shipments at the Baltic Sea port of Ust-Luga, which was the target of a Ukrainian drone attack. There was also a decline in shipments at the Black Sea port of Novorossiysk."
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FXStreet Insights Team
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