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Russia To Cut August Crude Exports From Western Ports, Pipeline

OIL

Russia is planning to cut oil exports by 2.1mn tons in the third quarter, in line with its pledged cut to reduce crude exports by 500kbpd in August, by cutting flows from its western ports as well as pipeline flows according to the Energy Ministry.

  • It plans to reduce shipments from its western ports — Novorossiysk on the Black Sea and Primorsk and Ust-Luga on the Baltic — as well as pipeline flows, the Ministry said.
  • The government has left it to the nation’s producers to decide whether to make extra output cuts in August. This would be in addition to the country’s pledged voluntary output cuts that started in March.
  • Crude loadings from Russia’s western ports averaged 1.78mbpd in the four weeks to 16 July, Bloomberg vessel tracking showed.
  • Russian oil shipments to Europe by pipeline averaged around 243kbpd in February-May.
  • Deputy PM alexander Novak said earlier on Monday total seaborne oil exports are estimated at 4.1mbpd in August.
Energy BulletsCommodities
Energy BulletsCommodities

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