Exports surge on Russia duty cut

摘要

Crude exports from FSU countries rose by 24pc from December to 6.58mn b/d (27.55mn t) last month, driven almost entirely by a surge in Russian seaborne loadings in the Baltic, Black Sea and at the Pacific port of Kozmino. Exports from Russia by pipeline, including transit, to non-CIS destinations rose by nearly 34pc on December to 4.29mn b/d. Loadings fell sharply at the end of last year as sellers held cargoes until January’s export duty cut. The rouble’s slide against the dollar provided further impetus to boost exports.