Oil exports from Russia’s Baltic ports, Primorsk and Ust-Luga, were set at 1.6 million tonnes for August 1-10, down from 1.8 million tonnes during the same period of July, two traders citing loading data said on Wednesday.
Russia’s Baltic crude oil loadings, including the state’s flagship Urals oil and Kazakhstan’s KEBCO oil, will decline by 11% or by some 144,000 barrels per day during Aug. 1-10 compared with the same period last month, Reuters calculations showed.
Russian oil exports from western ports were set to fall by some 100,000-200,000 barrels per day in August from July levels, a sign Moscow is making good on its pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, Reuters sources said last month citing export plans.
GEERS
OPEC and major producers including Russia, together known as OPEC+, have been cutting supply since November to support prices and balance world’s oil market. Moscow this month pledged to cut exports by 500,000 bpd in August, while Saudi Arabia extended its 1 million bpd output cuts.