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OIL: Oil Loadings from Russia Western Ports to Fall 23% m/m in July

OIL

Oil loadings from Russia’s western ports are expected to fall 23% m/m in July to 1.5mbpd, according to Reuters sources.

  • Exports are cut by almost 500kbpd from June driven by a rise in refinery processing after maintenance and with Russia’s pledge to OPEC to cut output.
  • Oil loadings from the Baltic ports of Primorsk and Ust-Luga are set to decline to just 4.9m tons.
  • Loadings of Urals, KEBCO and Siberian Light from the Black Sea port of Novorossiisk are expected to fall to 1.7-1.8m tons.
  • Offline refining capacity in July is expected to fall to 1.8m metric tons in July from 4.1m metric tons in June, based on Reuters calculations from industry sources data.

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