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Saudi Energy Minister Prince Abdulaziz bin Salman called Russia’s move meaningful because it applies to oil exports, which can be measured more effectively than production. The desert kingdom said it would extend its unilateral output cut through August, while Moscow pledged to reduce exports by 500,000 barrels a day. The reduction comes after Russia followed Saudi Arabia in announcing further curbs earlier this month. The smaller volumes undermined the Kremlin’s income from export taxes, which fell by 29% last week compared with the one before. With few buyers left in Europe, the impact of the lower flows is being felt in shipments to Asia, which dropped to their lowest since mid-January. There was no obvious sign of maintenance at Russian ports like that which led to the big drop seen two weeks ago.

That was a little more than 1 million barrels a day lower than the previous week, with 80% of the drop coming from ports in western Russia. Moscow has said previously that lower flows resulting from its output cut would be targeted at ports on the Baltic and Black Sea. (Bloomberg) - Flows of Russian crude are starting to show signs of falling, more than four months after the country was due to slash production.Ĭrude shipments through Russia’s western ports in the four weeks to July 9 dropped substantially below their average February level for the first time, after volumes surged during the intervening months, according to vessel tracking data monitored by Bloomberg and corroborated by other data sources.Nationwide seaborne crude flows fell to 2.86 million barrels a day in the week to July 9.