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June Crude Loadings From Russia’s Western Ports To Fall 6% MoM

OIL

Crude loadings from Russia’s western ports in June will fall by 6% on a daily basis compared with May according to Reuters calculations and market sources.

  • Russia's flagship Urals grade and Kazakhstan's KEBCO loadings from the Baltic Sea ports of Primorsk and Ust-Luga in June were set at 6.5mn tonnes, down from 7.5mn tonnes in the May schedule, the sources said.
  • The Black Sea port of Novorossiisk will load 2.9 mn tonnes of Urals, KEBCO and Siberian Light, compared to 2.8mn tonnes in May. June is one day shorter than May.
  • Russia Deputy PM Alexander Novak last week reiterated that Russia will achieve its pledged 500kbpd production cut in May.
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