Russian crude exports are rising despite pledge to cut, helping keep oil prices in check

• Russia has contributed to lower oil prices as its exports exceeded its own target.
• The country has pledged to cut oil exports by 300,000 barrels per day.
• Dropping oil prices are also pushing the Urals crude price level closer to the West's G7 price cap.

Russia may be helping fuel the steady decline of global oil prices, despite Moscow's commitment to limit its exports. 

Crude oil shipments from the OPEC+ member's western port have risen since September, according to E.A. Gibson Shipbrokers data cited by the Wall Street Journal reported.