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- 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.
That coincided with a nearly 13% slide in Brent crude.The international benchmark now trades at around $82 a barrel, despite earlier forecasts that it could reach $100.
And even the latest report from OPEC on Monday also appeared to acknowledge the increase in crude flows. While it said refined product exports are down, the oil cartel noted seaborne crude shipments out of Russia rose.
Russia has vowed to curb crude exports by 300,000 barrels per day, in a deal reached with OPEC-leader Saudi Arabia.
But October's seaborne outflows totalled 3.54 million barrels per day, surpassing the limit by about 300,000 barrels per day, according to Rystad Energy. It added that as refinery activity in Russia rebounds, less crude oil will likely be exported.
As global benchmark oil prices fall, Russia's Urals crude is also trending lower. Last week, it traded at $66.19, according to data cited by Bloomberg, closer to the $60-per-barrel price cap imposed by the West late last year for Moscow's invasion of Ukraine.