Russian oil companies plan to increase oil exports from western ports by 4 percent in August compared with July levels, reaching 2.7 million barrels per day, Reuters reported, citing trader information.
Reuters said the expected rise is linked to drone strikes on oil refineries, which will limit domestic refining capacity, along with strong demand for crude in Asia.
Baltic Loadings Near Capacity
Loadings from the Baltic ports of Primorsk and Ust-Luga are expected to be close to maximum throughput, according to the report. Drone attacks and a shortage of tankers could still disrupt those plans.
In July, Russian oil exports from ports in the European part of the country fell slightly after several strikes on Novorossiysk, which made it harder to find vessels willing to carry cargo from the Azov-Black Sea basin.
Asian Demand Holds Steady
Demand for Russian oil supplies is also being supported by an unstable situation around the Strait of Hormuz. Chinese refineries have resumed purchases, with two major companies buying most of the available ESPO crude for September delivery at a reduced discount.
