Russia plans to reduce its seaborne exports by 100,000 to 200,000 b/d next month from December levels, according to industry sources familiar with Russia's export plans. Anonymous sources told Reuters that the downsizing was due to increased throughput at its refineries.
Kpler has set Russia's seaborne ** exports so far in December at 3.5 million barrels per day. Kpler also said that with the development of Russia's domestic refining business, Russia's exports will decline in January, and the out-of-production refining capacity in December will reach 20980,000 metric tons.
One of the sources told Reuters: "Exports in the first quarter of 2024 are planned to be lower than October-December. Sources said the decline would be mainly in the western Russian ports of Primorsk, Ust-Luga and Novorosslick.
Russia had used a three-month schedule to schedule its exports in the previous month, giving oil companies time to plan their flows through the Transneft system. Russia said yesterday that it would increase exports by 7% this year compared to levels in 2021 before the Russia-Ukraine crisis. Russia's first deputy prime minister, Andrei Belousov, told Interfax that Russia's exports in 2023 are expected to be 2500 million tons.
So far, Russia, through its large fleet of shadow tankers, has managed to continue to export at a high level despite sanctions and caps.
In November, as part of an agreement with OPEC+, Russia voluntarily pledged to increase export cuts to 500,000 barrels per day, of which 300,000 barrels were ** and 200,000 barrels were petroleum products. (Compiled by Xiao Chen).
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