Russia’s seaborne crude oil exports to rise in March

Oil

Russia’s seaborne exports of crude oil are set to increase by 115K b/d m-o-m to 1.66M b/d in March, according to preliminary port loading programs issued by national pipeline monopoly Transneft, Energy Intelligence reports. This is still a decline of 619K b/d y-o-y however, as export schedules continue to remain unpredictable amidst uncertain future OPEC+ production quotas.

Exports from the Baltic Sea ports of Ust-Luga and Primorsk are due to rise by 79K b/d m-o-m to 968K b/d, which is a decline of 496K b/d y-o-y, with loadings from the Black Sea port of Novorossiysk also expected to rise by 45K b/d m-o-m to a four-month high of 365K b/d. Shipments from Kozmino are now set to edge down by 3K b/d m-o-m to 661K b/d after previously reaching an eight-month high in February. Despite the slight decline loading programs from Kozmino have been revised higher twice over the past month, as producers look to capitalise on promising Asian demand.