Oil loadings from Russia’s western ports over April 1-15 are set to fall by around 125,000 barrels per day (bpd) compared with the same period in March to some 1.86 million bpd, data provided by trade sources and Reuters calculations showed.

Exports and transit of Urals, KEBCO and Siberian Light oil grades from Primorsk, Ust-Luga and Novorossiisk in the first 15 days of April will fall by 6% on a daily basis from March 1-15, Reuters calculations showed.

Russia’s oil exports in April could fall below March levels, as some refineries undergo repairs after drone attacks in February and March, meaning more crude will be earmarked for domestic plants ahead of peak seasonal demand for motor fuels.

Meanwhile, Russian oil loadings could gather pace in the second half of April and eventually climb to March levels and beyond, traders said.

Russia’s projected total offline primary oil refining capacity in April may fall by some 320,000 bpd to 2.137 million metric tons from 3.58 million tons in March, Reuters calculations based on data from LSEG and sources showed.
Source: Reuters