Russia’s Crude Oil Exports Drop 8% In January-August

Russia’s crude oil exports dropped by 7.9 percent year over year in the period January to August, according to Russian federal customs data cited by local cargo analytics outlet SeaNews. For most of the period through August, Russia was part of the OPEC+ agreement to curtail supply to the market, except in March and early April, when Russia and Saudi Arabia disagreed on how to manage oil supply to the market when demand was crashing due to the pandemic. The current production cuts began in May 2020 and are much deeper than in the previous…