Russian oil exports from western ports are set to fall by some 100,000-200,000 barrels per day next month from July levels, a sign Moscow is making good on its pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday, citing export plans.
Russia plans to export 0.5% less oil per day via the Transneft pipeline system in the third quarter than in the previous three months, according to industry sources and Reuters calculations, due to voluntary crude output cuts and higher refinery runs.
Russia's piped supply of Urals crude to the European Union (EU) via the southern Druzhba pipeline in June is set to increase by 16% compared to May as EU refiners seek to secure more oil amid fears of disruptions in transit via Ukraine, two sources said.
Oil loadings from Russia's western ports in June will fall by 6% on a daily basis from May, undermined by Russia's voluntary oil production cuts and higher domestic refinery runs, market sources said and Reuters calculations showed.
Oil production in Iraq's Kurdistan region continues to drop as export flows to Turkey's Ceyhan port show few signs of restarting after a stoppage that has lasted almost two months.