Russia's weekly oil flows spike to the highest in 5 months as OPEC and allies grapple over cuts to output

• Russia's weekly oil shipments hit a five-month-high, according to Bloomberg shipping data.
• The nation exported 3.76 million barrels of crude a day last week.

Russia's weekly oil exports notched their highest level in five months last week, as OPEC and its allies nations rush to slash global crude supply to prop up sagging prices.

Weekly Russian oil shipments surged to 3.76 million barrels per day the week ending December 10, according to Bloomberg shipping data, about 910,000 barrels a day more than what was shipped the prior week.

That's good for the largest weekly amount Russia has shipped since early July.

Russia's latest export increase comes as OPEC+ nations have vowed to slash crude production to help stem a months-long slide in prices. The cartel has agreed to slash production by a collective 2.2 million barrels a day in the first quarter of 2024. Some of those cuts, though, are supposed to have already been implemented by Russia, which agreed to voluntarily extend its 300,000 barrel-a-day production cut in September through the end of the year.

Those cuts are intended to boost prices and smooth out distortions in the oil market, Saudi Arabia's energy minister said.

Larger-than-expected supply, though, has helped push crude prices lower, especially as US production continues to boom. Oil production in the US just hit an all-time-record and is bound to rise into next year, according to Rapidan Energy analysts, who estimated the US would produce an average 13.3 million barrels a day in 2024.

Crude prices rose on Wednesday. US oil prices rose 1.34% to $69.53 a barrel. Brent, the international benchmark, rose 1.32% to $74.21 per barrel.