Russian seaborne crude exports to build in December

Oil

Russian seaborne crude oil exports are set to rise by 24K b/d m-o-m and 808K b/d y-o-y to 2.21M b/d in December, supported by easing OPEC+ production restrictions, EnergyIntel data showed. Total exports from Russian ports, including the transshipment of volumes from Kazakhstan, Azerbaijan and Turkmenistan are expected to decline by 30K b/d m-o-m to 2.48M b/d however. Loadings from the Baltic are predicted to fall by 21K b/d m-o-m to 1.35M b/d, with shipments from the port of Primorsk falling by 146K b/d m-o-m to 732K b/d amid scheduled maintenance across 6-12 December. Exports from the Black Sea are due to decline by 33K b/d m-o-m to a four-month low of 378K b/d, while loadings from Kozmino are predicted to rise by 24K b/d m-o-m to 756K b/d.