Some sources familiar with the matter informed that Russian energy giant Rosneft is under pressure in supplying its customers upon the country’s oil supply cut plan with OPEC+.
A source commented, “Rosneft is in pain. It must supply refineries, term buyers. There are simply no resources.”
In May, Rosneft was prompted to slash its output by 17% month-on-month, according to a source. In June, the company will only export eight cargoes, or 800,000 bpd of oil from Baltic ports, compared to April’s 27 cargoes and May’s 13 cargoes.
Shipments to Rosneft’s important clients such as Glencore and Trafigura has to be cut despite good demand. Glencore will get two baltic cargoes this month, steep cut from eight in April. Likewise, Trafigura will be sent one cargo from ten.
The rest five cargoes for June shipment from the Urals were to be sent to Total SA and Gunvor with both volumes the minimum under the tender terms.
The sources also said that Rosneft could compensate buyers on the Black Sea and the Pacific routes or in the Baltic in the future.
The company has long opposed the output cuts from OPEC+ but it has been overruled by Russian President Vladimir Putin was keen on maintaining close coordination on output cuts with OPEC’s de-facto leader Saudi Arabia.
