Market sources said Russia plans to cut crude exports in June to divert barrels
to higher refinery runs amid seasonal fuel demand and reported regional
shortages. Preliminary data show shipments from western ports Primorsk, Ust-Luga
and Novorossiysk could fall from 2.5 mln b/d in May to about 1.7 mln b/d in
June; sources said part of the reduction reflects lower crude output. Deputy
Prime Minister Novak has said Russian oil output has fallen since the start of
the year due to unplanned refinery maintenance. Sources estimate refiners will
seek to lift crude processing by 250–400 kb/d in June, but restoring crude
output will take considerable time.
