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Russia’s oil exports from its western ports revised up in Feb. after Tuapse refinery outage- sources

Wednesday, 07 February 2024 | 13:00

Russia’s crude oil exports from its western ports in February have been revised up from previous estimates as Rosneft boosts exports amid an outage at the Tuapse refinery, market sources citing loading schedules said on Tuesday.

February loading plans for the ports of Primorsk, Ust-Luga and Novorossiisk are seen up by some 0.7 million tonnes compared to the preliminary plan at 8.2 million tons (2.1 million barrels per day) due to additional Rosneft volumes freed up after the shutdown of the Tuapse refinery.

“Additional cargoes have appeared in the February plan, mainly from Rosneft,” an industry source told Reuters.

Rosneft did not immediately reply to a request for comment.

Russia has been limiting its oil production and exports as part of the OPEC+ agreement in the last few years and would need to discuss changes in its export volumes with the group. OPEC+ is due in the next few weeks to discuss its output policy from April onwards as its existing production limiting pact expires in March.

A fire broke out at the export-oriented oil refinery in Tuapse on the Black Sea on Jan. 25. The plant, which processes light grade, Siberian Light, has an annual capacity of 12 million metric tons (240,000 barrels per day).

The Rosneft-owned Tuapse oil refinery will not resume operations this month, sources familiar with the maintenance schedule told Reuters on Tuesday.

Oil loadings from Russia’s western ports in February may rise by some 2% compared to January on a daily basis, as overall supplies from Primorsk, Ust-Luga and Novorossiisk last month averaged some 2.05 million barrels per day, Reuters calculations based on traders’ data showed.

Other incidents at Russia’s energy infrastructure could also lead to additional oil exports in February, traders say.

A fire was extinguished at Volgograd oil refinery in southern Russia on Saturday following a drone attack.

However, Lukoil reported on Saturday evening that the refinery continued to operate as normal, while a source with knowledge of the matter told Reuters the incident did not affect the volumes of crude oil processing.

Traders have not to date reported any Lukoil top-ups to the February crude oil loading plan.

Volgograd oil refinery has an annual capacity of 15 million metric tons (300,000 barrels per day).
Source: Reuters (Reporting by Reuters; Editing by Timothy Heritage)

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