Russian oil exports surge to record high despite Western price caps.

Despite Moscow's pledge to cut output, oil loadings from Russia's western ports in April will rise to the highest since 2019, above 2.4 million barrels per day (bpd), and exports from the ports of Primorsk, Ust-Luga and Novorossiisk will rise above 10 million tonnes, up from 9.7 million tonnes in March. Seasonal maintenance on Russian refineries in April could explain the high crude exports as the state's domestic market needs less oil. Russia's Urals oil keeps flowing to Asia in April, while softer freight rates help the grade's sellers to reach far-away customers.