SEATTLE (Oil Monster): Oil shipments from Russia's western ports have fallen to about 2.3 million barrels per day in the first half of August, 15% below the initial loading plan, because of disruptions at the Black Sea port of Novorossiysk.
The decline reflects Moscow's increased challenge in maintaining oil exports as Ukraine targets Russian energy infrastructure that is critical for supplies and budget earnings.
Exports from the Baltic ports of Primorsk and Ust-Luga, along with the Black Sea port of Novorossiysk, were initially expected to be around 2.7 million barrels per day in August.
Oil exports from Novorossiysk, including Russian Urals oil and Kazakh KEBCO grade, have declined to about 0.4 million bpd compared to 0.8-1 million bpd in June and July, the traders said.
Loadings are more than two weeks behind the plan, they added, as cargoes scheduled for export in late July have only sailed in recent days.
As the risk of attacks on Russian cargoes has risen in the Black Sea, Russia has rerouted Kazakhstan's crude oil exports from the Baltic port of Ust-Luga to Novorossiysk.
The aim is to free up capacity for more Russian oil exports from the Baltic as Kazakh oil transit shipments are expected to stay safe in the Black Sea given Ukraine's pledge not to target non-Russian cargoes.
Courtesy: www.reuters.com
