Russia slashes exports via Poland

Russia plans to cut oil exports via the Polish port of Gdańsk and Ukraine's Odessa before the end of a year, a plan showed on Monday. Meanwhile, Moscow plans record oil shipments from its biggest Black and Baltic Sea ports with record Q4 figures scheduled for Primorsk and Novorossiisk.

The quarterly plan, which was obtained by Reuters, revealed that Russia had switched back from annual crude oil export planning to quarterly schedules, a move after pipeline monopoly Transneft complained about the lack of flexibility in the schedules.

The schedule for the fourth quarter is largely unchanged from the first quarter where shipments would amount to 51.16 million tones.

The decision had no effect on oil prices in Poland, however, economists are worried that it could send oil prices to new heights.

Source: Reuters