Reuters expects Russian seaborne oil shipments from western ports to rise by 5% in April

According to Reuters calculations, daily oil exports from Russia's western ports next month are expected to increase from March values by about 5%, or by 100 thousand barrels to 1.97 million barrels per day.

The increase will be driven by seasonal maintenance of the country's oil refineries. Due to it, the volume of crude available for export will grow and overlap the reductions in supplies delivered under the OPEC+ agreement, experts of the agency believe.

According to Reuters sources, the growth of supplies next month will also be caused by improved weather conditions and better availability of tankers.

At the same time, the agency quotes a statement of a Russian oil trader who emphasizes the uncertainty of the situation. They say the utilization of refining capacities at Russian plants may change significantly next month. However, they expect an increase in number of idle facilities with greater probability.

Meanwhile, another market participant draws attention to the reduction of Russian oil supplies via the Caspian Pipeline Consortium (CPC) system. This may also increase the volume of crude flows from Russia's western ports.