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Sources say that Russia's daily oil exports to its western ports will drop by 8% in August.

Calculations based on two sources indicate that Russia's daily oil output from its western ports is expected to drop from the 1.93 million barrels per days (bpd), which was planned for July, due to an increase in refinery operations.

In August, daily oil loadings in Russia from Primorsk and Novorossiisk, as well as from Kazakhstan's KEBCO, and Siberian Light grades of oil will be down 8% from this month.

According to calculations based upon data from industry sources, Russia's offline primary refining capacity will drop from 4 million to 3.74 million metric tonnes (about 27.4 millions barrels) in August. The data are provisional, and will be updated at the end of each month.

The Russian oil companies will have less crude oil to export due to higher refinery runs.

Last week, the European Union approved an 18th package against Russia for the conflict in Ukraine. The measures included measures to deal further blows with the Russian oil industry and energy sector, such as a moving price limit on Russian crude.

Russia has managed to sell the majority of its oil, the lifeblood of the state finances, above the previous price limit as the current mechanism is unclear about who will be policing its implementation.

Russian government and trade sources downplayed the impact of new sanctions on trade in Russian crude. (Reporting and Editing by Louise Heavens).

(source: Reuters)