Primorsk September Urals Exports to Jump 25% to High Since May
Russia plans to export more than 1 million barrels a day of Urals crude oil from the port of Primorsk for the first time since May, according to a preliminary loading program.
The Baltic Sea port will load 45 cargoes totaling 4.49 million metric tons, or 1.097 million barrels a day, the schedule obtained by Bloomberg News showed. That’s 25% more than the daily loadings in August as Russian refineries carry out maintenance next month. Primorsk exported 1.136 million barrels a day in May.
Primorsk crude exports dropped to the lowest in at least five years during the Russian summer, helping drive the Urals differential to Brent to a record premium. Westbound exports fell because of an increase in domestic refining to meet demand for motor fuels and higher crude shipments to Asian markets after Russia expanded the East Siberia-Pacific Ocean pipeline.
Exports from Novorossiysk on the Black Sea will grow to 3.185 million tons in September, or 778,202 barrels a day, an increase of 8.7 percent on a daily basis. This includes 719,562 barrels a day of Urals and 58,640 barrels of Siberian Light.
Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.
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