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Russia's ESPO oil exports from Pacific's Kozmino seen rising to 1 mln bpd in July, sources say

Russia's ESPO Blend oil << ESPODUB > exports from the far eastern port of Kozmino were revised up by 0.3 million metric lots to 4.2 million loads (1. million barrels daily) in July, 2 industry sources stated on. Friday.

Moscow has increased its oil exports eastwards, a cheaper. and shorter way to Asian markets, which has actually become the main. location for its oil after Western sanctions sufficed off from. its traditional European market.

The boost in products by means of the pipelines to the east. ended up being possible due to oil pipeline monopoly Transneft's raising. the eastward transport capability.

Transneft's primary Nikolay Tokarev said earlier this year the. business prepared to increase oil transportation to the east.

He has also stated that oil exports via Kozmino are set reach. 46 million lots in 2024 (0.93 million bpd), up from 45 million. heaps in 2023, including that loadings might even rise above 50. million tons (1.014 million bpd).

This year's monthly oil exports of ESPO Blend have actually balanced. below 1 million bpd up until now. ESPO Blend exports from Kozmino were revised as much as 4.2. million tons in July from about 3.9 million lots prepared. previously as Rosneft obtained extra export. freights, one of the sources stated.

Transneft and Rosneft did not reply to requests for comment.

Previously this year, Transneft announced strategies to add extra. storage tanks on ESPO pipeline for 200,000 cubic metres in 2024. The company has also stated it upgraded pumping devices along. the East Siberia - Pacific Ocean pipeline and used additives to. increase oil flow.

Spot discount rates for ESPO Blend have been narrowing this month. due to firm demand from Chinese refiners despite high. availability of the grade. India, one of the significant purchasers of. Russian oil, has likewise cranked up purchases of ESPO Blend oil.

(source: Reuters)