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MOSCOW (Reuters) – Russia plans to cut oil exports and transit from its western ports in March by 10% on daily basis from February, according to market sources and Reuters calculations.
Oil loadings from Primorsk, Ust-Luga and Novorossiisk in March were set at 8.68 million tonnes, roughly unchanged from February, but down on a daily basis, as March has three more days.
Urals and KEBCO crude loadings from the Baltic Sea ports of Primorsk and Ust-Luga were set around 6.5 million tonnes compared to 6.3 million tonnes in February plan.
Urals, KEBCO and Siberian Light oil loadings from Russia’s Black Sea port of Novorossiisk in March were set at 2.18 million tonnes, below 2.38 million tonnes in the February plan, market sources said last week.
Russia plans to reduce its oil production by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said in February, following the introduction of Western price caps.
Moscow may cut oil exports from its western ports by up to 25% in March from February, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said last month.
Russia’s loadings from its Baltic ports of Primorsk, Ust-Luga and Novorossiisk in the Black Sea in February were some 10% below the target for the month, Reuters calculations based on data from traders, shippers and Refinitiv data showed.
