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Russia Plans To Cut Exports From Western Ports in August

OIL

Russia plans to cut its crude exports in August by reducing oil flows from its Baltic ports and the Black Sea port of Novorossiysk, while flows from Kozmino won’t be affected according to Kommersant, citing sources.

  • Russian total seaborne and pipeline oil exports are estimated at 4.1mbpd in August.
  • Seaborne oil exports via the Transnet infrastructure are estimated at 2.9-3mbpd in August.
  • ESPO oil supplies via the Pacific port of Kozmino and flows outside of the Transneft system will not be affected by Russia’s pledged export cuts.
  • Russia does not require to further reduce output as the freed-up barrels will be processed domestically.
  • Russia’s target for August crude output is set at 9.449mbpd, based on the revised February production baseline of 9.949mbpd, Deputy PM Alexander Novak said earlier this month.
Energy BulletsCommodities
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