Russia’s seaborne crude oil exports are trending lower so far in August compared to July, but with Russia ramping up production with the easing of the OPEC+ cuts, this summer’s trend of low volumes of exports to Europe may not last long, IHS Markit said on Tuesday. Russia has already increased its crude oil production in early August to 9.8 million barrels per day (bpd), up from below 9.4 million bpd last month, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade, at IHS Markit wrote. As OPEC+ is easing the record collective cuts of 9.7 million bpd to 7.7 million bpd as of August 1, Russia plans to raise its oil production by 400,000 bpd. Russian seaborne crude oil exports plunged by 42 percent year-on-year in July and declined by 14 percent compared to June, according to data by IHS Markit Commodities at Sea. In the first half […]