Has Russia Cut its Oil Outputs?

Then why its seaborne oil exports are at record high?

Related Links:

 Russia’s Battle with US Shale Revolution

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.