In August, Russia to reduce export of Urals oil from Baltic ports and Novorossiysk by 9.5%

In August, Russia will reduce the export and transit of Urals oil from the Baltic ports and Novorossiysk by 9.5% in daily terms as compared with the basic plan of July. According to the schedule of supply and placement of tankers, in absolute terms the transshipment of the Urals oil will fall by 750 thousand tons in Augustp to 7.126 million tons.

The decline in the export wasn’t a surprise for traders that pointed to the rise of the raw material consumption by domestic refineries during peak seasonal load, the expected resumption of the processing after the accident at Rosneft’s Achinsk refinery and overlapping increase of the oil supply via the ESPO.
According to the projected schedule, the transshipment of the Urals oil at 100-tousand tankers in the port of Primorsk should be reduced by almost 400 thousand tons to 3.205 million tons, while the approved July schedule is 3.6 million tons.