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Market Chatter: Russian Crude Exports Fall to Lowest Level Since April as Novorossiysk Shipments Halt

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Russian crude exports fell for a fifth straight week through Aug. 16, reaching their lowest level since late April, with no crude loaded at the key Novorossiysk terminal during the seven days, Bloomberg reported Tuesday.

Exports averaged 3.58 million barrels a day in the four weeks through Aug. 16 as the earlier boost from refinery disruptions unwound, while July output fell to a six-year low of 8.89 million b/d, almost 1 million barrels below its OPEC+ production allowance.

In the week through Aug. 16, 31 tankers loaded 22.38 million barrels of Russian crude, down from a revised 23.78 million barrels on 33 vessels the previous week. Oil held at sea fell to about 94 million barrels, its lowest level since September, the report added, citing vessel tracking data and port agent reports.

Russia's Ministry of Energy did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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