Russia’s seaborne crude exports surged to the highest level for the year so far, with shipments from a key Pacific port rebounding after a storm hampered loading operations in the previous week.
The 590,000-barrels-a-day jump in the week to March 10 came shortly after Moscow renewed its commitment to the OPEC+ effort to avert a global surplus and shore up prices by restricting output. Weekly flows were 420,000 barrels a day above Russia’s pledge to its partners for the first quarter, with the four-week average topping the target by 80,000 barrels a day.
