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Novorossiysk Oil Loadings to Fall 3% in Aug

OIL

August oil loadings from Russia’s Black Sea port of Novorossiysk are predicted to fall to 2.32m tonnes, down from 2.4m tonnes in July, according to Reuters.

  • That will calculate on a daily basis as a 3.3% fall for Urals, Siberian Light, and KEBCO.
  • The decline in exports from Western Russia ports would indicate that Russia is starting to fulfil its pledge to cut supply in step with Saudi Arabia.
  • Oil exports from Russia’s Baltic Ports are also set to decline from Aug 1-10 by 11% on the month to 1.6m tonnes.

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