Market Data Suggest Russia Isn’t Cutting Oil Production As Promised

Oil shipments out of Russia haven’t dropped in recent months despite the Russian pledge to cut production by 500,000 barrels per day (bpd) from March onwards, a Bloomberg analysis of shipping data showed on Friday. The most recent tanker-tracking data suggest that instead of falling, Russian crude oil exports by sea are rising.  The average four-week crude shipments from Russian export terminals increased for a sixth consecutive week in the week to May 19, according to tanker-tracking data reported by Bloomberg’s Julian Lee. Russia’s…