Russia’s seaborne crude oil exports set to rise in October

Oil

Russia’s seaborne exports of crude oil are expected to increase by 128K b/d m-o-m to 1.59M b/d in October, according to preliminary port loading programs issued by national pipeline monopoly Transneft, Energy Intelligence Reports. While exports are now set to rise for the third consecutive month, this is still a decline of 1M b/d y-o-y, as Russia faces continued pressure to fully comply with OPEC + production cuts, as well as compensate for overproduction in previous months.

Exports from the Baltic Sea ports Ust-Luga and Primorsk are expected to increase by 68K b/d m-o-m to 874K b/d, with loadings from the Black Sea port of Novorossiysk also set to rise by 55K b/d m-o-m to 445K b/d, the highest level since April. However, exports from Kozmino are predicted to decline by 11K b/d and 113K b/d y-o-y to 623K b/d.