Russia’s Oil Exports Revised Down As Refiners Plan To Increase Runs


Russia’s oil exports from its western ports, Primorsk, Ust-Luga and Novorossiisk, have been revised down from previous estimates as refiners plan to increase runs this month after the end of maintenance season and as Russia eases ban on fuel exports, XM.

This month Russia’s primary offline refining capacity is planned at 1.737 million tonnes compared to 4.915 million tonnes in October meaning refineries will increase throughput, most recent data and Reuters calculations show. Higher refinery runs in Russia mean less oil is left for exports via its western ports in November.

Combined Russian oil loadings from Primorsk, Ust-luga and Novorossiisk seen at 2 million barrels per day (bpd), down from most recent estimate of almost 2.3 million bpd.

In the middle of October traders said that exports from western ports in November had been set slightly above 2 million bpd.

Russia does not disclose planned export volumes from its ports. Supply uncertainty in November led to multiple revisions in loading schedules as companies tried to understand the length of fuel ban period, one of the traders said.

Russia imposed fuel export ban in September, eased it by allowing diesel exports in October. Russia is considering lifting an export ban on some grades of gasoline, Interfax news agency quoted Energy Minister Nikolai Shulginov as saying on Wednesday.

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Source: XM


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