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Reuters reported that with OPEC+ reaching a production cut agreement, Russia plans to halve
oil exports from Baltic and Black Sea ports in May.
Russian exports from its two Baltic ports and Novorossiysk on the Black Sea are expected to be 1.
3 million barrels per day next month, down from 2.
2 million barrels in April
, according to Reuters estimates.
Earlier, OPEC+, led by Saudi Arabia in OPEC and Russia as non-OPEC countries, had agreed to cut oil production by 9.
7 million b/d from May 1, and Moscow had cut its oil output to 8.
5 million b
/d from a benchmark of 11 million bpd.
Rosneft is currently preparing for their biggest production cut, which could lead to the permanent closure
of some fields.
According to the preliminary loading schedule, most of the crude oil planned to be exported through Russia's western sea route in May is its flagship Ural blend, which will also transport only 160,000 tons of Siberian light crude
.
Refinitiv Eikon data shows that exports from the Urals will fall at least to their lowest level
since the early 2000s.
Reuters monitoring showed that sharp production cuts had lifted Russia-grade prices to five-month
highs.
A European trader who regularly buys Urals crude said: "We cannot tell whether Russia is really cutting production at the agreed level, but even if the oil export plan is just for demonstration, it is really doing well
for Russian oil sales.
" ”
Brent crude futures hit a 20-year low earlier this week, meaning Urals exports are losing money
given discounts relative to European benchmarks and Russian export tariffs.
On a daily basis to account for different days in May and April, Russia will reduce oil exports from its western ports by 43 percent
next month, according to calculations by Reuters.
According to the plan, Urals exports from Russia's Primorsk and Ust-Luga Baltic ports will fall to 4.
3 million mt from 6.
7 million mt in April, while Ural and Siberian light exports from Novorossiysk will halve to 1.
22 million mt
.
Reuters reported that with OPEC+ reaching a production cut agreement, Russia plans to halve
oil exports from Baltic and Black Sea ports in May.
Russian exports from its two Baltic ports and Novorossiysk on the Black Sea are expected to be 1.
3 million barrels per day next month, down from 2.
2 million barrels in April
, according to Reuters estimates.
Earlier, OPEC+, led by Saudi Arabia in OPEC and Russia as non-OPEC countries, had agreed to cut oil production by 9.
7 million b/d from May 1, and Moscow had cut its oil output to 8.
5 million b
/d from a benchmark of 11 million bpd.
Rosneft is currently preparing for their biggest production cut, which could lead to the permanent closure
of some fields.
According to the preliminary loading schedule, most of the crude oil planned to be exported through Russia's western sea route in May is its flagship Ural blend, which will also transport only 160,000 tons of Siberian light crude
.
Refinitiv Eikon data shows that exports from the Urals will fall at least to their lowest level
since the early 2000s.
Reuters monitoring showed that sharp production cuts had lifted Russia-grade prices to five-month
highs.
A European trader who regularly buys Urals crude said: "We cannot tell whether Russia is really cutting production at the agreed level, but even if the oil export plan is just for demonstration, it is really doing well
for Russian oil sales.
" ”
Brent crude futures hit a 20-year low earlier this week, meaning Urals exports are losing money
given discounts relative to European benchmarks and Russian export tariffs.
On a daily basis to account for different days in May and April, Russia will reduce oil exports from its western ports by 43 percent
next month, according to calculations by Reuters.
According to the plan, Urals exports from Russia's Primorsk and Ust-Luga Baltic ports will fall to 4.
3 million mt from 6.
7 million mt in April, while Ural and Siberian light exports from Novorossiysk will halve to 1.
22 million mt
.
