Russia undermines its pledge to OPEC+ as crude oil and fuel exports jump
- Russia's energy outflows have surged over the past month, despite pledges to limit them.
- The four-week average of fuel exports hit 2.4 million barrels a day, the most since September.
Russian energy export levels look to be moving away from the latest round of pledges Moscow made to OPEC+.
The four-week average of fuel exports hit 2.4 million barrels a day through December 17, the most since September, according to Vortexa data compiled by Bloomberg.
And the more volatile weekly export flow topped 3 million, the highest since March. That includes a 42% jump in diesel and gasoil exports as well as a 19% increase in naphtha exports.
Meanwhile, the four-week average of seaborne crude oil exports climbed to 3.28 million bpd, up from 3.04 million bpd exported in the four weeks through December 3.
But during last month's OPEC+ meeting, members pledged to extend oil production cuts as well as export curbs.
That includes a further 900,000 barrels per day of exports, with 200,000 barrels coming from Russia. Deputy Prime Minister Alexander Novak later confirmed this voluntary reduction would also include crude and oil products.
He then followed to say that Russia would further cut oil exports volumes by possibly 50,000 bpd this month, as oil prices slumped in early December. This adds to a 300,000 bpd cut already in effect.
This isn't the first time Russian oil outflows counteracted pledges made by Moscow. October exports also surpassed the 300,000 bpd commitment.