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Russia will cut crude oil exports to its western ports by Sept

The differential between Brent and Urals crudes held steady on Tuesday, but Russia intends to reduce crude oil exports out of its western ports in September to about 1.9 million barrels per day from around 2.0 million bpd.

Calculations showed that daily shipments of Urals, KEBCO, and Siberian Light grades in Primorsk Ust-Luga, and Novorossiisk should fall by about 6% from month to month.

Two sources familiar with shipping data said that Russia would deliver oil to Brunei for the first ever via the Northern Sea Route in September. This will expand its export reach by using the strategic Arctic route.

PLATTS WINDOW

On Thursday, no bids or offers for Urals BTC, Azeri BTC Blend or CPC blend were made in the Platts Window.

Janaf's CEO said that Croatian pipeline operator Janaf can cover the needs of two refineries in Hungary and Slovakia of Hungarian oil company MOL, which currently rely on Russian oil via the Druzhba pipe.

Calculations showed that the total tax revenue on Russia's crude oil production for August is expected to increase by approximately 3.5%, to 600 billion Russian roubles (roughly $7.42 billion) compared to 580 billion in July. Reporting by

(source: Reuters)