Oil loadings from Russia's western ports are experiencing an increase over the first week of April, according to sources and Reuters calculations. This rise comes as part of broader fluctuations in Russia's oil export dynamics, influenced by factors such as seasonal refinery maintenance and geopolitical tensions.
Key Highlights:
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April Uptick: Oil loadings from western ports like Primorsk, Ust-Luga, and Novorossiysk are seeing an increase, reflecting improved operational conditions and market demand.
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March Decline: Previously, loadings in March were expected to be lower due to domestic refinery maintenance and drone attacks on refineries, which could have increased exports by diverting more crude to external markets.
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April Projections: Despite these challenges, April is anticipated to see a rise in shipments, partly due to better weather conditions and increased availability of non-sanctioned tankers.
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Market Dynamics: Global oil prices and sanctions continue to influence Russia's export strategies, with freight rates from Baltic ports to India easing as Urals crude prices remain below the $60-per-barrel cap.
Sources: Reuters, Bloomberg, Hellenic Shipping News