Russian crude oil exports in the first week of 2024 down by 500,000 bpd

<p>Info via <a href="https://oilprice.com/Latest-Energy-News/World-News/Russia-Honors-OPEC-Commitments-with-Reduced-Oil-Exports.html" target="_blank" rel="nofollow">Oil price</a>:</p><ul><li>At the latest OPEC+ meeting at the end of November, Russia said it would deepen the export cut to 500,000 bpd in the first quarter of 2024 – with May and June 2023 being the reference export levels for the cut.</li><li>
The first week of 2024 showed Russia … average exports of 3.28 million bpd were down by 300,000 bpd from May-June 2023, and down by 500,000 bpd compared to the previous week to December 31. </li></ul><p>
Looking ahead it's a little more uncertain says the report:</p><ul><li>It’s not clear whether Russia will keep its exports as low as planned going forward as Moscow has always been evasive about its compliance with the OPEC+ agreement, even before the Russian invasion of Ukraine. </li></ul><p>Earlier today we had inventory data:</p><ul><li><a href="https://www.forexlive.com/news/oil-private-survey-of-inventory-shows-much-larger-draw-than-was-expected-20240109/" target="_blank" rel="follow" data-article-link="true">Oil – private survey of inventory shows much larger draw than was expected</a></li></ul><p>Crude has inched higher:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.