Russia’s seaborne crude oil exports to increase in April

Oil

Russia’s seaborne exports of crude oil are expected to rise by 31K b/d m-o-m to 1.69M b/d in April, according to preliminary port loading programs issued by national pipeline monopoly Transneft, Energy Intelligence reports. This monthly increase comes despite a planned decline in exports across the second quarter of the year, following Russia’s recent 130K b/d OPEC+ output quota elevation starting from April. Exports in February/ March had been restrained after the government previously called for oil companies to prioritise domestic demand following the rapid depletion of gasoline stocks over the Winter. However, recent statements from Russian officials have suggested that oil companies have successfully managed to rebuild their inventories and ensure stable feedstock supplies, resulting in the slightly bolstered loadings during April.

Exports from Kozmino are set to increase by 27K b/d m-o-m to an eleven-month high of 688K b/d as building output in East Siberia allows producers to capitalise on strong Asian demand, with loadings from the Black Sea port of Novorossiysk also expected to rise by 32K b/d m-o-m to 397K b/d. Shipments from the Baltic Sea ports of Ust-Luga and Primorsk are due to fall by 17K b/d however, as European demand continues to be hampered by coronavirus restriction measures amid a sluggish vaccine rollout.