Russia's Far East ESPO Blend oil exports to rise 11.6pc
- On a daily basis, ESPO Blend second-quarter oil loadings from Kozmino will rise by 11.6% from the January-March quarter, Reuters calculations showed.
- OPEC+ could ease curbs on oil supply from April thanks to a recovery in prices. The producer group is due to hold a meeting on March 4.
MOSCOW: Russia plans to increase its Far East oil exports over the April-June period thanks to an expected increase to output in East Siberia, industry sources said on Monday.
Russia's ESPO Blend crude oil exports from the Far East port of Kozmino are set to rise to 8.8 million tonnes over April-June, from 7.8 million tonnes planned for the first quarter of the year, according to three sources familiar with the export schedule.
On a daily basis, ESPO Blend second-quarter oil loadings from Kozmino will rise by 11.6% from the January-March quarter, Reuters calculations showed.
The sources said that several new oilfields in East Siberia are set to reach project capacity and that an expected easing of OPEC+ supply cuts would also allow companies to plan higher output.
OPEC+ could ease curbs on oil supply from April thanks to a recovery in prices. The producer group is due to hold a meeting on March 4.
Rosneft and Gazprom Neft will increase ESPO Blend loadings the most, according to the schedule.
Gazprom Neft will increase ESPO Blend loadings to 724,000 tonnes from the 400,000 tonnes planned for the first quarter, the document shows.
Rosneft could increase ESPO Blend loadings from Kozmino to 2.96 million tonnes over April-June from 2.45 million tonnes in the first quarter.
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