Russian Oil Exports in Jan Fall on OPEC Deal and Higher Domestic Runs

Russian oil exports and transit from Baltic ports and Novorossiisk in January are set to fall by 12 percent on a daily basis to 7.42 million tonnes from 8.41 million tonnes in December, a provisional loading plan seen by Reuters showed on Friday.

Oil exports fell after Russia agreed to join OPEC’s supply-cutting deal, while domestic refinery runs will rise next month after New Stream, owner of Russia’s private oil refineries, resumes crude flows, trade sources said.

Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bpd) in January, its energy minister said.

Urals loadings from Primorsk and Ust-Luga ports are seen falling by 12 percent in January to 5.3 million tonnes from 6.0 million tonnes in revised plan for this month, according to Reuters calculations.

Russian Urals and Siberian Light crude oil exports from Novorossiisk were seen at 2.12 million tonnes in January compared to 2.41 million in November, the document showed.