Arctic exports slump in 1H

摘要

Russian arctic crude and condensate exports, outside the Transneft pipeline sys- tem, fell by 11pc on the year to 357,200 b/d (8.79mn t) in January-June, according to port statistics agency Morcentre-TEK. The year-on-year reduction refects a big drop in Lukoil exports of Varandey Blend, as it cut output in line with Russia’s commitment to the Opec+ deal. Ship- ments of Varandey Blend to destinations in Europe were almost 50pc lower on the year at 1.74mn t in the frst half of 2020, as oil demand slumped because of the Covid-19 pandemic. There was a 72pc drop in supplies to Rotterdam, and deliver- ies to Bilbao and Le Havre were suspended. But supplies to the UK and Germany rose, and Varandey Blend went to Greece for the frst time.