Daily Energy Report

Russian seaborne crude exports at record high, Red Sea tanker attack impacts, Turkey’s oil savings, Guyanese crude at risk, US Gulf exports up, EU mineral goals, and more.

Chart of the Day: Russian Seaborne Crude Exports Reach Record High in 2023

Summary

Figure (1) above shows trends in Russian seaborne crude oil exports. It shows that exports were higher in 2023 than in 2022 and 2021. The recent sharp rise followed a slump that was caused by a storm that halted exports. Whatever was stored during that period was exported after the storm. Then exports declined again.

Meanwhile: Russia’s Crude Processing Jumps to Highest Since Early April

EOA’s Main Takeaway

We decided to focus on Russia's crude exports for multiple reasons. Chief among them is the news from yesterday that Russia will cut exports by 50 kb/d because of weather and maintenance.

Russia’s seaborne crude exports reached a record high recently. While such information raises questions about the cuts, we must be careful when making such conclusions. Here is why: