Source: Xclusiv The shipbroker added that “in the meantime, oil supplies have also tightened with OPEC+ countries, particularly those in the Persian Gulf, having decreased significantly the exports during the past month due to increased crude burn for power, amid the ongoing heatwave in the Middle East. Oil prices fell sharply at the start of June after OPEC+ members announced plans to gradually re-introduce 2.2 million barrels of cut production back into the market, starting in September.
Russia’s seaborne crude oil exports increased in June despite pledges to cut production and challenges at key export terminals. The rise comes as refiners repaired damage from Ukrainian drone strikes and Europe ramped up sanctions. Total crude shipments averaged 3.
71 million barrels per day, up from 3.52 million in May”. According to Xclusiv, “India was the biggest recipient of the additional crude, while exports to China dipped.
The EU’s sanctions on Russia’s largest shipping company and tankers had minimal impact, with the discount for Urals crude narrowing. Meanwhile, Russian oil product exports fell in June despite recovering refinery capacity. This was driven by a drop in naphtha and VGO exports, while gasoline shipments rose after a temporary export ban was lifted.
OPEC+’s decision to extend production cuts into 2025, aiming for oil price stability above USD 75-80 per barrel, has created an unexpected consequence. Despite the usual volatility in crude oil and product dem.
