Oil loadings from Russia's western ports to fall 18% m/m in July - sources, Reuters calculations


MOSCOW, June 29 (Reuters) - Russia's seaborne oil exports from Primorsk, Ust-Luga and Novorossiisk will fall to 1.9 million barrels per day (bpd) in July from 2.3 million bpd in June as domestic refineries increase runs, Refinitiv Eikon data showed on Wednesday.

Russia's oil exports are curbed by higher oil processing by domestic refineries along with frozen oil production under OPEC+ agreement and additional cuts pledged by Russia.

On a daily basis oil loadings from Russia’s western sea outlets are set to decline 18% in July compared to June, Reuters calculations showed.

Lower loadings expected in July have already supported Urals oil differentials in ports of India - the main buyer of the grade.

Urals and Kazakhstan's transit oil (KEBCO) loadings from Baltic ports of Primorsk and Ust-Luga were set at 5.6 million tonnes, down from 6.5 million tonnes planned for June.

Urals, KEBCO and Siberian Light oil loadings from Black Sea’s Novorossiisk were planned at 2.4 million tonnes in July, down from 2.9 million tonnes in June.

Russian refineries cut runs during spring months allowing state exports to reach a 4-year record in May. After works ended in June exports started to slide.

(Reporting by Reuters;Editing by Elaine Hardcastle)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.