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Russian May Western Ports Crude Exports Hit Four-Year High

OIL

Russia's seaborne oil exports from its western ports - Primorsk, Ust-Luga and Novorossiisk – rose to a four-year high of 2.4mbpd in May as domestic refineries maintenance season freed up extra barrels, Refinitiv Eikon data showed.

  • Shipments to India accounted for around 50% of all loadings in May, followed by China with 15% and Turkey with 11%, Reuters calculations based on Refinitiv Eikon data showed.
  • Bloomberg ship-tracking data saw Russian crude oil exports from western ports at 2.51mbpd in May, up from 2.42mbpd in April.
  • Russian refineries cut runs in May amid major seasonal maintenance on most plants, which allowed the state to increase oil export loadings while cutting output.
  • "May was great in terms of supply. We're not likely to repeat such loadings soon, maybe in October," a source in the Russian oil market said.

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