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Russian December Western Ports Oil Loadings May Be Revised Up on Storm

OIL

Russia's planned oil loadings from its western ports - Primorsk, Ust-Luga and Novorossiysk - are set to decline by 6% month on month in December to 1.9mbpd, Reuters calculations showed and market sources said, but actual loadings may be higher due to deferred November loadings amid storms at the Black Sea.

  • Actual December loadings from western ports are likely to be above the plan next months, after a halt to loadings at the CPC and Novorossiysk oil terminals this month due to storm meant loadings will be carried over into December.
  • The storms disrupted 2mbpd of oil exports from Russia and Kazakhstan since last Friday, Reuters reported this week.
  • The delay in oil exports and transit from Novorossiysk port for November exceeded 1mn tons as of Wednesday. The port remained shut on Thursday, traders said.
  • Headlines this afternoon suggested the CPC oil terminal is resuming loadings after the storm, however, the storm damaged equipment at one mooring according to Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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