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Primorsk, Ust-Luga and Novorossiisk Crude Loadings Set to Slip 18% m/m in July: Refinitiv

OIL

Russian seaborne exports from Primorsk, Ust-Luga and Novorossiisk will fall to 1.9mn bpd in July from 2.3mn bpd in June as refineries come back online and the impact of cuts takes hold according to Refinitiv calculations.

  • Lower loading schedules are supporting a narrowing Urals discount for Indian buyers.
  • 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.
  • On a four-week average basis, overall seaborne exports in the period to June 25 were 3.39 million barrels a day, slipping by 263,000 bpd from the week prior due to port maintenance in the Baltic which caused flows to slump on a weekly basis.
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