Russia’s Key Crude Exports to Plunge in July on OPEC+ Pledge
- Nation is participating in OPEC+ measures to restrict output
- Export grades have fetched stronger premiums on supply curbs
Photographer: Andrey Rudakov/Bloomberg
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Russia’s exports of its flagship Urals crude oil grade are set to plunge next month, underscoring the nation’s commitment to helping OPEC and allied producers to avert a global glut.
Exports of the grade from its three main western ports -- Primorsk and Ust-Luga in the Baltic Sea and Novorossiysk in the Black Sea -- will fall 40% month-on-month to about 785,000 barrels a day in July, according to loading plans seen by Bloomberg. The country only began shipping from Ust-Luga in 2012 and flows from the three facilities have never been lower on a combined basis since then.