According to the quarterly plan issued by the Russian Ministry of Energy, it is expected that oil exports and transfers from Russia will reach 62.8 million tons in the second quarter and 61.7 million tons in the first quarter, an increase of 1.8%.
Russia has agreed to reduce production by 228,000 barrels a day in the first half of 2019 in a global agreement with OPEC at the end of 2018. In order to control global oversupply and boost oil prices, Saudi Arabia, led by OPEC, is also seriously implementing production cuts.
Ural crude oil exports from Russian Baltic ports in the second quarter will climb from 18.86 million tons in the first quarter to 19.76 million tons. According to the quarterly plan, exports of Ural and Siberian light crude oil from Novorossiisk port fell slightly to 8.2 million tons in the second quarter.
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Turkmenistan, which resumed oil exports through Russia in February, received a quota of 590,000 tons of crude oil from Novorossiisk port in the Black Sea in the second quarter. In the second quarter, Azerbaijani National Petroleum Corporation will also export 330,000 tons of crude oil from Novorossiisk port.
In the second quarter, Kazakhstan will export 4.3 million tons of crude oil through Russian ports of Ust-Luga and Novorossiisk, which is below the level of 4.19 million tons in the first quarter. Russia plans to supply 4.45 million tons of crude oil to Belarus in the second quarter, down from 4.5 million tons in the first quarter.
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