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Oil & Gas Technical Compendium

Russia throttles key Urals crude exports to meet OPEC+ agreements

Russia’s exports of its flagship Urals crude oil grade are set to plunge next month, underscoring the nation’s commitment to helping OPEC and allied producers to avert a global glut.Exports of the grade from its three main western ports Primorsk and Ust-Luga in the Baltic Sea and Novorossiysk in the Black Sea will fall 40% month-on-month to about 785,000 barrels a day in July, according to loading plans seen by Bloomberg. The country only began shipping from Ust-Luga in 2012 and flows from the three facilities have never been lower on a combined basis since then.Russia is working with Saudi Arabia and other producing countries to eliminate a surplus. Its output cuts have driven up premiums that Urals command to the highest in years, and t.....

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