European demand for seaborne exports of Russian Urals crude dropped sharply last year as refiners cut runs. Combined Baltic and Black Sea Urals loadings fell by over 17pc, with overall export flows through Transneft’s pipeline system to non-CIS destinations dropping by 191,000 b/d to 3.86mn b/d (193.9mn t), the lowest in 10 years. Higher Russian refinery runs — up by 233,000 b/d (11.7mn t) to 5.2mn b/d (262.1mn t) — left less oil available for export, with westbound flows hardest hit, down by 12.2pc to 2.9mn b/d (146.4mn t).
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