Russia's February Oil Exports Revised Up 19% Amid Refinery Cuts
(Reuters) — Pipeline operator Transneft has revised upwards plans for crude oil exports from Russia's western ports in February by 300,000 barrels per day (bbl/d) because of lower output from refiners, traders said and Reuters calculations showed.
The revision to 1.9 bbl/d from the provisional plan of 1.6 bbl/d follows Ukraine's drone attacks on refineries that have led to reduced processing, leaving more crude for export, the traders said.
In January, loadings from the western ports of Primorsk, Ust-Luga and Novorossiisk were 1.73 million bbl/d.
Russia's western oil exports are the most closely linked to refinery output because Russia's refineries are concentrated in the west of the country.
Ukraine has intensified drone attacks on Russia's energy infrastructure and targeted at least four plants on Monday, raising the risk February's loading plan could be revised again, traders said.
On a daily basis, oil loadings from the western ports will rise by 19% in percentage terms compared with the previous plan, Reuters calculations showed.
The February loading plans for the ports of Primorsk and Novorossiisk were revised up by some 150,000 bbl/d each, while Ust-Luga crude loadings will stay stable at around 470,000 bbl/d, the sources added.
Loadings from the Baltic port were still below capacity because of a technical issue, the traders said. Loadings from the port were at four-year lows in January.
Russia's Ryazan oil refinery suspended operations after an attack late last week, two industry sources told Reuters.
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