Russia’s seaborne crude oil exports continue to rise
Russia’s seaborne exports of crude oil are expected to edge up by 9K b/d m-o-m to 1.46M b/d in September, according to preliminary port loading programs issued by national pipeline monopoly Transneft, Energy Intelligence Reports. While exports are set to increase for the second month in a row, this is still a decline of 920K b/d y-o-y, as OPEC+ cuts remain in place. As part of this production cut agreement, Russia’s crude oil output was set to increase by 501K b/d as cuts ease from August through till the end of the year, however Russia will now need to compensate for previous overproduction from May through to July which totaled 283K b/d.
Exports from the Baltic Sea ports of Ust-Luga and Primorsk are set to fall by 92K b/d m-o-m to 805K b/d, whereas loadings from the Black Sea port of Novorossiysk are predicted to increase by 60K b/d m-o-m to 390K b/d. Exports from Kozmino are also planned to rise by 20K b/d m-o-m to 634K b/d.