Russia’s Crude Exports For 2Q17 To Fall M-o-M But Remain High Y-o-Y
Russia’s crude oil seaborne exports in 2Q17 are expected to fall by 17K b/d q-o-q to average 2.94M b/d, Energy Intelligence reports. The q-o-q fall is set to be driven by lower exports from the Baltic (-75K b/d), while volumes are set to rise from both the Black Sea (+5K b/d) and Kozmino (+53K b/d). In y-o-y terms, shipments are scheduled to be higher from all of Russia’s major seaborne terminals with combined growth of 129K b/d. If achieved, Russia’s seaborne crude exports over 1H17 would be up by an average of 168K b/d.