OIL: Russian Western Port Oil Loadings Expected to Fall 8% in Feb
Jan-29 15:17
Russian western port oil loadings are expected to fall 8% to around 1.6mbpd in February, according to Reuters sources.
- Overall oil exports from Primorsk, Ust-Luga and Novorossiisk are down from a plan for 1.73 mbpd in January.
- The fall comes following the latest US sanctions on Russia announced on Jan. 10.
- Exports could rise if refinery runs are impacted by recent Ukrainian drone attacks on Russian refineries. Russia's Ryazan oil refinery suspended operations after an attack on on Jan. 24.
- Exports from the Baltic port of Ust-Luga are curbed due to technical issue on Transneft's pipeline system with loadings in January cut by half of capacity to a four-year low.
- "Oil supplies via the Druzhba pipeline and to Ust-Luga in February will rise, but they still remain below capacity," a sources said.
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