Russian seaborne crude exports to reach four-month high

Oil

Russian seaborne crude oil exports are expected to increase by 361K b/d m-o-m and 641K b/d y-o-y to 2.58M b/d in October, rising for the third consecutive month to the highest level since June, EnergyIntel data showed. Shipments from the Baltic are set to jump by 319K b/d m-o-m and 543K b/d y-o-y to 1.42M b/d, the highest since April 2020, while exports from Kozmino are also due to rise by 39K b/d m-o-m and 133K b/d y-o-y to a seventeen-month high of 756K b/d. This planned increase in exports comes amid a heavy maintenance programme at some Russian refineries, after some projects were rescheduled from the Summer to Autumn to provide the domestic market with a sufficient supply of motor fuels. Furthermore, Russia has also been permitted to produce an additional 100K b/d of crude each month from August through till December in accordance with the OPEC+ deal agreed in July.