Russia’s Crude Shipments Slide to the Lowest Since February

Russia’s crude shipments fell to the lowest since February as refinery runs are rising faster than production, eating into exports.

Seaborne crude cargoes averaged 3.12 million barrels a day in the four weeks to July 6, down by 3% from the period to June 29, tanker-tracking data compiled by Bloomberg show.

On this measure, flows have fallen to the lowest since the period ending Feb. 23 and are down by 200,000 barrels a day from March, before eight members of the OPEC+ producer group, including Russia, began easing output cuts they made in 2023.

Over the closest comparable period, production increased by about 60,000 barrels a day, one-third of ...