Russian seaborne exports set to decline 1M b/d in May.
Port loading schedules issued by national pipeline monopoly Transneft have indicated that seaborne exports of crude oil from Russia are due to fall to 2.06M b/d in May, a m-o-m decline of 934K b/d and 1.13M b/d lower than the record high programme in May 2019, Energy Intelligence reports. Baltic ports are expected to experience the largest drop in exports, down 620K b/d m-o-m to 1.2M b/d, with Black Sea ports also predicted to be down by 337K b/d m-o-m at 288K b/d. Recovering demand in China has meant that exports from Kozmino are planned to increase by 24K b/d to 757K b/d.
Russia has pledged production cuts of 2.5M b/d in May and June as part of a wider OPEC + agreement to remove 9.7M b/d from the global market amidst plummeting global demand.