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Russia expected to raise oil exports via Baltics in Q4

By Reuters

MOSCOW – Russia is expected to increasing its Urals oil exports via Baltic Sea ports in October-December due to likely higher output and a seasonal decline in domestic output of oil products, a schedule and Reuters calculations showed on Tuesday.

Overall Russian oil exports are expected to rise by 2.1% in the fourth quarter from the previous three months.

OPEC+, a group of leading oil producers including Russia, has been raising its output as easing pandemic restrictions bolster demand.

According to the export schedule, Russia is set to boost Urals exports via the Baltic Sea ports of Primorsk and Ust-Luga by more than 16% in the fourth quarter versus July-September to 18.7 million tonnes.

Supplies of Urals and Siberian Light blends from the Black Sea port of Novorossiisk are seen unchanged at 6.1 million tonnes on expectations for unfavourable weather.

Russian oil and condensate output edged up to 10.68 million barrels per day (bpd) for Sept. 1-13 from an average of 10.43 million bpd in August.