Oil Loadings from Russia's Port of Novorossiisk Revised Up for October

October 7, 2024

© AlexBr / Adobe Stock
© AlexBr / Adobe Stock

Oil exports from Russia's Black Sea port of Novorossiisk were revised up by 0.22 million metric tons from a previous forecast to 2.42 million tons for October, two sources familiar with the plan said on Monday.

Initially oil loadings from Novorossiisk including Russian Urals and Siberian Light oil grades and Kazakh KEBCO oil were expected at 2.2 million tons in October.

Overall oil exports from Russia's western ports, Novorossiisk, Ust-Luga and Primorsk, are now planned at 9.52 million tons or some 2.25 million barrels per day (bpd), according to Reuters calculations based on the sources' data.

On a daily basis oil loadings from Russia's western ports are seen nearly 5% up from September, Reuters calculations show.

The revision in Russian oil exports comes after oil companies had rescheduled maintenance on several oil refineries, the sources said.

Rosneft's Tuapse refinery suspended processing from Oct. 1 due to low margins, according to Reuters sources.

Though most of October cargoes of Russian Urals oil have already been sold, the sources said there still may be additions to the loading plan in case of unscheduled refinery outages.


(Reuters - Reporting by Reuters)

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