Russian Seaborne Crude Continues To Flow

Despite Russia’s professed plan to scale back its crude oil production, the country’s seaborne crude oil exports reached 4 million barrels per day. It is only the second time a level that high has been achieved since Russia invaded Ukraine. Russia warned in February that it would cut crude oil production in the sanctioned nation by 500,000 bpd due to EU import bans and price caps on its crude oil and oil products. Initially, Russia said this lowered production would apply to March. But Deputy Prime Minister Alexander Novak announced…