- Oil steady as seaborne Russian crude exports decline
- August ’23 WTI lost 1c this morning to trade around $74.14/Bbl
- Equities trade higher, while the dollar continues to trade at its lowest since April 2022
- As of July 16, the four-week average of seaborne exports of Russian crude declined by 0.1 MMBbl/d to reach 3.1 MMBbl/d
- Weaker-than-expected Chinese economic growth and Libyan oil production resumption weigh on prices
- Seaborne Russian crude exports plummet to a six-month low (BBG)
- Seaborne crude exports for the week ending July 9 dropped to 3.2 MMBbl/d, down 0.78 MMBbl/d from the peak in May and 0.27 MMBbl/d below February's baseline
- Additionally, Russia plans to curb 0.5 MMBbl/d of crude exports in August
- Furthermore, the export duty companies pay to the Russian state will be raised to the highest level in 2023 for August ($16.9/ton, up 8.3% from July), helping to partly offset the impact of production cuts