Russia’s Seaborne Oil Exports Dip But Remain High

Russia’s crude oil exports by sea fell last week for the first time in six weeks, but they are still much higher than in February, when Russia announced a production cut of 500,000 barrels per day (bpd), tanker-tracking data monitored by Bloomberg showed on Tuesday. In the week to May 28, four-week average crude oil exports fell by 180,000 bpd to 3.64 million bpd, for the first dip in four-week average seaborne export volumes in six weeks, according to the data reported by Bloomberg’s Julian Lee.   Despite the slight drop in exports,…