Russia to increase oil exports from Baltic ports Jan 1-20 by 50% MoM – sources

MOSCOW, Jan 11 (Reuters) – Shipments of Urals and KEBCO crude through Russia’s Baltic ports will rise 50% on January 1-20 compared to the same period in December, data from trade sources and Reuters calculations showed.

According to traders, the increase in the number of available tankers from countries “friendly” to Moscow will allow the Russian Federation to increase oil exports in January, despite the entry into force on December 5, 2022 of the price ceiling and the European oil embargo.

According to traders’ data and Reuters estimates, oil exports and transit through the ports of Primorsk and Ust-Luga on January 1-20 will amount to about 4.1 million tons against 2.7 million tons, which were shipped during the same period in December.

In addition, the Baltic ports of the Russian Federation handled 0.3 million tons of December carryover volumes in early January, Reuters sources said.

The volume of oil shipments from Primorsk and Ust-Luga in January, according to traders, may be about 6.5 million tons against less than 5.0 million tons in December.

Shipments of Urals, KEBCO and Siberian Light oil from Novorossiysk in January are planned in the amount of 2.18 million tons against 2.24 million tons in the December schedule.

In the summer of 2022, Kazakhstan, at the initiative of traders and buyers, gave its oil sold from Russian ports a new marketing name, KEBCO (Kazakhstan Export Blend Crude Oil), to distance itself from the sanctions Russian grade Urals.

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