Russia’s Ust-Luga Oil Exports Fall to 4-year Lows in January

MOSCOW, Jan 27 (Reuters) – Russia’s Ust-Luga port cut its oil loadings by half of its capacity in January to a four-year low partly due to technical issues on Transneft’s pipeline system, according to traders.

Low loadings from the Baltic Sea port, one of the country’s main exporting gateways, will add to Russian crude and fuel export problems which have been compounded by Western sanctions, drone attacks by Ukraine on Russia’s energy facilities as well as high interest rates.

Scheduled oil loadings from the Ust-Luga terminal in January amount to just 350,000 barrels per day (bpd), or 1.5 million metric tons…