Has Russia Cut its Oil Outputs?
Then why its seaborne oil exports are at record high?
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Why is OPEC+ Cutting Output while Russia Exports?
In this short note we dicuss Russia’s oil production, exports, and compliance with OPEC+ quota.
Figure (1) below shows trends in Russian seaborne crude oil exports. It shows that exports were higher in 2023 than in 2022 and 2021. The recent sharp rise followed a slump that was caused by a storm that halted exports. Whatever was stored during that period was exported after the storm. Then exports declined again.
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