Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Oil Exports to Increase in 4th Quarter

Russian oil exports will rise by 50,000 barrels per day in the fourth quarter on bigger shipments via the Druzhba pipeline to Central Europe and re-exports from the Polish port of Gdansk, a schedule showed Friday.

The quarterly export scheduled by Transneft showed seaborne and pipeline exports to countries outside the former Soviet Union will amount to 51.6 million tons, or 4.11 million barrels, per day, versus 4.06 million bpd in the third quarter.

Oil export duties will hit an all-time high from October, following a rise in global prices in previous months, but traders said this was unlikely to stop exports from rising given the continued rally in global crude prices. "This will be a tough quarter, especially October. People rushed to evacuate as much crude as possible before the introduction of new duties, so stocks are empty now," said a trader with a Russian major. "But it turned out that exports will continue to remain attractive, which means domestic prices will also skyrocket."