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Russia exports most crude since 2022 after refinery strikes, Javier Blas notes
Javier Blas, energy and commodities columnist, journalist, author at Bloomberg, reports that Russia is exporting the highest volume of crude oil since its invasion of Ukraine in 2022.
Blas highlights that record attacks by Kyiv on Russian oil refineries have pushed more barrels of crude into the global market. As a result, Moscow is facing challenges in supplying refined petroleum products but is increasing revenue from crude sales.
Blas recently reported that a time-spreads sell-off pushed nearby backwardation to its lowest level since March 3, indicating market pressure in the oil sector (link). In another update, he covered talks in which Exxon Mobil is negotiating to secure oil production rights in Venezuela nearly two decades after its exit (link). The reports add context to ongoing developments in global oil markets.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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