Russia’s seaborne exports to decline further

Oil

Preliminary port loading programs issued by national pipeline monopoly Transneft indicate that Russia’s seaborne exports of crude oil are set to fall to 1.63M b/d a day in June, edging down by 44K b/d m-o-m to reach fresh lows, reports Energy Intelligence.

With the inclusion of transshipments from Kazakhstan and Azerbaijan, exports from Russian ports are predicted to creep down to 2.06M b/d, a decline of 5K b/d m-o-m. Exports from Kozmino are set to account for all of the decline, with an expected decrease of 87K b/d m-o-m to 669K b/d, while exports from Baltic and Black Sea ports are expected to see increases of 58K b/d m-o-m to 1.08M b/d and 24K b/d m-o-m to 313k b/d, respectively.