Russia plans to cut March oil exports from western ports by 25% -sources

Russia plans to reduce crude oil exports from its western ports in March by some 25% from February amid a planned production cut, three sources in the Russian oil market said.

Russia plans to reduce its oil production by 500,000 barrels per day in March. The cut will be made from January output levels.

Russia’s Energy ministry declined to comment. Transneft did not immediately respond to Reuters request for comment.

The cuts from the ports of Primorsk and Ust-Luga on the Baltic Sea and Novorossiisk on the Black Sea will amount to a quarter of February volumes although some adjustments could still be made, one of the sources said.

“There are no plans to cut exports from the Pacific,” another source said.
Source: Reuters