RUSSIA DATA: Crude oil exports hit 19-month high

Quantum Commodity Intelligence - Russian crude oil exports jumped to 4.76 million barrels per day (bpd) in January, the highest since April 2020 and up 351,300 bpd on the year, highlighting the growing global dependence on Russian energy supplies, data released by the Ministry of Energy on Thursday showed.

January's exports were up 70,800 bpd from December and compare to Q4's average of 4.677 million bpd, but were down 349,000 bpd from January 2020 levels – the last comparative month before the outbreak of the pandemic.

The rise in exports came as Russian crude and condensate production last month jumped to 46.53 million mt, as reported by Russian newswire Interfax at the start of February, equivalent to 10.957 million bpd, also its highest since April last year.

The OPEC+ producer group had set Russia's January production target – which excludes condensate output – at 10.122 million bpd, with Russia being one of the few members of the group which has immediate spare capacity available.

The published data highlights the growing global dependence on Russian energy supplies on the day Russia invaded Ukraine, as the West still ponders how to sanction Russia without propelling global energy prices even further with inflation already at a multi-decade high.

Supply to domestic refineries in Russia grew 0.9% in January from a month earlier to just over 6 million bpd, which was 1.5% higher than in 2020.

For a full history of Russian and CPC petroleum data, visit Quantum's Data Dashboard.