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Russian Crude Flows Stay High
Russian crude oil flows to international markets continue unabated, with no substantive sign of the output cuts that the Kremlin insists the country is making. Four-week average seaborne shipments, which smooth out some of the volatility in weekly numbers, edged higher in the period to June 4, rising to 3.73 million barrels a day from a revised 3.68 million in the period to May 28. Flows to international markets are more than 1.4 million barrels a day higher than they were at the end of last year — more than can be accounted for by the diversion of pipeline flows or lower refinery runs. Shipments have also risen ... (full story)