Moscow — Russia is planning to cut Urals oil exports from its Baltic ports by a further 5% on a daily basis in June after slashing them by half in May in line with output curbs agreed with the OPEC+ producer group, the loading schedule showed on Monday.
Russia agreed to cut output to 8.5 million barrels per day from May 1 from a baseline of 11 million under the terms of a new OPEC+ deal aimed at stabilizing the oil market.
Urals oil loadings from Russia’s Baltic ports have been set at 4.4 million tonnes for June, down from the 4.8 million tonnes estimated by traders for May. On a daily basis, that is 5% below May’s level, according to Reuters calculations.
The original loading plan for May had seen shipments from Russia’s Baltic ports at 4.3 million tonnes, but exports were set to be higher after top-ups, traders said.
Urals and Siberian Light oil loadings from the Black Sea port of Novorossiisk have been set at 1.28 million tonnes for June, up from 1.12 million tonnes in the May plan, traders said.
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