Russia’s seabourne exports set to drop in July

Oil

Preliminary port loading programs issued by national pipeline monopoly Transneft show that Russia’s seaborne exports of crude oil are expected to decline by 460K b/d m-o-m to 1.17M b/d in July, Energy Intelligence reports. This is 1.26M b/d lower than the same month last year, as the country cuts production in order to meet OPEC+ targets, and as demand recovers following the lightening of coronavirus lockdown measures in Russia, diverting more supply to domestic refineries.

 Exports from the Baltic Sea ports of Primorsk and Ust-Luga are expected to account for the majority of this decline, decreasing by 480K b/d m-o-m to 590K b/d. Exports from Kozmino and the Black sea are also predicted decline slightly by 50K b/d m-o-m to 620K b/d and 3K b/d m-o-m to 310K b/d respectively.