Russia’s Baltic Sea Urals Exports Set to Jump 28% Next MonthJake Rudnitsky
Russia plans to boost Baltic Sea Urals crude exports by 28 percent next month to the highest daily level since April, a preliminary loading program shows.
The Baltic Sea port of Primorsk will load 45 cargoes totaling 4.49 million metric tons, or 1.097 million barrels a day, according to the schedule obtained by Bloomberg News. Shipments are 25 percent higher compared with daily loadings in August as Russian refineries carry out maintenance next month, and it’s the first time since May the port will ship over a million barrels a day.
Ust-Luga, also on the Baltic, plans to ship 2.297 million tons next month, or 561,234 barrels a day. In April, the two ports together exported 1.955 million barrels a day, according to data compiled by Bloomberg.
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.
Primorsk and Ust-Luga each have one unassigned slot of 100,000 tons in next month’s program.
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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