Russian Seaborne Exports to Drop Sharply in August, Mostly to Europe

摘要

Russian pipeline monopoly Transneft says seaborne crude oil exports will average 2.22 million barrels per day (10.29 million metric tons) for August, down 214,000 b/d from 2.43 million b/d versus this month, with traders citing higher domestic demand as the key reason behind the decline. Exports from two Baltic Sea outlets -- Primorsk and Ust-Luga -- are expected to fall by a combined 93,000 b/d to 1.23 million b/d with the former port to see the sharpest decline of some 70,000 b/d to as low as 781,000 b/d in August. Over the last year, shipments from the port have been declining in line with Transneft's plans to return exports from the outlet to initially planned levels rather than allow it to operate above that capacity as it has been in the previous years (EIB Jun.30'14).