Russia, US continue to ladle out products to Europe.

摘要

With the Russian government having altered its export tariffs to encourage more high-quality refined products to be shipped abroad in place of crude and to spark investments in local refining capacity capable of producing Euro V compliant fuels ahead of a 2016 deadline, exports of Russian crude via tankers in Aug. is set to decline by 9.2 from July levels to 2.215MM b/d, the lowest level reported since Bloomberg began tracking this data back in 2008. Commenting on the drop in Russian crude exports an oil analyst at OAO Gazprombank in Moscow said, "This trend of falling crude exports means we are finally seeing results from the refinery modernization push. Refining is picking up and crude output has peaked." Russian crude production in June rose by 0.1 from May levels to 10.55MM b/d, marking the first month-on-month increase in crude production this year.