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Russia's Crude Exports Rebound as Signs of Cuts Remain Elusive
Russia’s seaborne crude oil flows to international markets rose sharply last week to hit a seven-week high and indicate that the previous week’s drop was maintenance-related. Crude flows through Russian ports jumped by about 1.3 million barrels a day in the week to July 2, as flows through two key export terminals bounced back, following a well-established pattern that previously has been related to maintenance. Bigger shipments were seen from all regions, but the largest gains came from the Baltic and Pacific ports, which had been the hardest hit in the prior week’s slump. Russia plans to cut crude export ... (full story)