Oil loadings from Russia’s Baltic ports for Sept. 1-10 set to rise 38% from Aug. 1-10

Russian Urals oil and Kazakhstan’s KEBCO loadings from Russia’s Baltic ports of Primorsk and Ust-Luga will jump to 2.2 million tonnes for Sept. 1-10 from 1.6 million tonnes planned for Aug. 1-10, two traders said on Wednesday.

Combined exports of Urals and KEBCO oil grades from Primorsk and Ust-Lyga in the first 10 days of September will rise by some 38% from the same period of August, Reuters calculations showed.

Russia is expected to increase oil exports from its western ports in September from August amid seasonal refinery maintenance.

Meanwhile Moscow’s pledge to cut oil exports as a part of OPEC+ cooperation may limit the increase of loadings, the traders said.

Russian Deputy Prime Minister Alexander Novak said on Wednesday that Russia will cut oil exports in September by 300,000 barrels per day compared to June 2023.

Oil exports and transit from Russia’s Baltic ports in June stood around 6.4 million tonnes, according to trading and shipping sources.
Source: Reuters (Reporting by Reuters; Editing by Tomasz Janowski)