Oil loadings from Russia’s western ports in March are set to fall versus February after domestic refineries relaunched after maintenance but other plants hit by drones could spoil these expectations.

Exports and transit of Urals, KEBCO and Siberian Light oil grades form Primorsk, Ust-Luga and Novorossiisk im March were scheduled around 1.8-1.85 million barrels per day (bpd), two market sources said.

This is down by some 8% on a daily basis compared to revised lifting plans for February, Reuters calculations show.

Russia’s projected total offline primary oil refining capacity in March may fall by some 400,000 bpd to 1.98 million metric tons from 3.51 million tons in February, Reuters calculations based on data from LSEG and sources showed.

Oil export and transit figures for March could go higher, traders said, if recent drone attacks on Russian refineries means more crude is earmarked for export.

Russia’s Rosneft Ryazan oil refinery suspended operations after an attack on February 24.

Another oil plant operated by Russia’s oil giant, Syzran oil refinery, suspended oil processing on February 19 due to a fire at the primary unit (CDU-6) following an attack by a drone.

It is not clear when the plants will resume oil processing, Reuters sources said.

Overall oil exports and transit in February from the western ports of Primorsk, Ust-Luga and Novorossiisk are seen around 2 million barrels per day (bpd), up from 1.73 million bpd in January’s plan, according to Reuters calculations based on provisional data.
Source: Reuters