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Russia’s Seaborne Crude Flows Fall on Primorsk Maintenance

OIL

Russia’s seaborne crude exports have been curbed by maintenance at export terminals, although loadings look likely to rebound in the next few weeks, according to Bloomberg.

  • Shipments from Russia fell by 100k b/d to 3.2m b/d in the seven days to Sep. 24. The fall was likely because of a four-day hiatus at the Primorsk oil terminal during that period.
  • Shipments remains around 0.64m b/d below the highs seen between April and June.
  • Shipments to Asia, including those with no final destination, were 2.73m b/d.
  • Refinery maintenance which is set to last until mid-October is expected to boost crude exports in Russia. This is because refinery processing rates are falling, so crude which would have been used domestically will now be available to the global market.




Source: Bloomberg

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