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Russian Seaborne Crude Exports Drop in November

Oil

Monthly crude oil exports from Russian seaborne terminals will ease in November at 2.689M b/d, down 4.8% or 137,000 b/d m-o-m and 5.6% or 161,000 b/d y-o-y. After four consecutive months of increasing exports, the monthly decrease comes amidst rising domestic consumption as refineries return from maintenance, with refining volumes expected to increase by about 635K b/d on the month according to newswires. Russian crude exports since May 2017, when the extension of OPEC/Non-OPEC production cuts was agreed, are down 96K b/d from the same time period one year ago. 

The decrease is led by a drop at Primorsk on the Baltic, from where crude exports are down 15% m-o-m and 9.7% y-o-y at 1.37M b/d, while exports from the Black Sea are elevated at 0.66M b/d, up 17.8% m-o-m and about the same as one year ago, as temporary outages at Ceyhan and storm delays at the port of Novorossiysk dissipate.