Russia Boosts Crude Oil Exports from Sakhalin-1

July 16, 2018

Russia plans to boost crude oil exports from the ExxonMobil-led Sakhalin-1 project to between 260,000 to 266,000 barrels per day (bpd) in the third quarter after major oil producers agreed to lift production at the end of June, industry sources said on Monday.

The exports include 10 to 11 cargoes of Sokol crude to be lifted in July and 12 cargoes scheduled to load in August and September, three sources with knowledge of the matter said. Each cargo is 700,000 barrels.

Sokol crude exports averaged at 215,000 bpd in second quarter, with 9 to 10 cargoes exported each month.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia agreed in June to ease a supply-cut agreement to make up for supply shortfalls as exports from Venezuela, Libya and Iran have declined.

The group agreed to raise oil output by 1 million bpd of which Russia's share stands at 200,000 bpd.

ExxonNeftegaz, ExxonMobil's subsidiary in Russia, did not reply to a Reuters request for comment.

(Reporting by Florence Tan; Additional reporting by Olesya Astakhova; Editing by Christian Schmollinger)

Categories: Energy


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