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Russia plans 0.1-0.2m b/d Seaborne Export Cut in Jan: Reuters

OIL

Russia plans to cut seaborne oil exports in January by 0.1-0.2m b/d compared to December levels due to increased refinery throughput, sources told Reuters.

  • "The average throughput at oil refineries in Russia was at 5.5 million bpd in October and last week it increased to 5.7 million bpd", said Viktor Katona, senior oil market analyst at Kpler consulting.
  • Sources expect the fall to come from western ports: Primorsk, Ust-Luga and Novorossiisk. This is because the supply swap with refineries is technically easy.
  • December loadings may be higher than the planned 1.9m b/d as some cargoes are rolled over from November, Reuters said.
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