Russia's Urals Oil Exports Seen Surging in Early January

Seaborne exports of Russian crude oil blend Urals will sharply increase in the first half of January thanks to a lower export duty, according to a preliminary schedule seen by Reuters.

Exports from the Baltic Sea port of Primorsk from Jan. 1-16 was seen at 1.8 million tonnes, up from 1.1 million tonnes in the same period of December.

Urals shipments from the neighbouring port of Ust Luga from Jan. 1-11 was expected to rise to 800,000 tonnes from 500,000 tonnes in the corresponding period this month.

The Black Sea port of Novorossiisk was set to export 1.265 million tonnes of Urals from Jan. 1-16, up from 680,000 tonnes.

Russia's oil export duty <CL-EXPDTY-RU> is expected to fall by almost $100 per tonne in January to $170.20, following lower oil prices and after changes to the tax law.

Reporting by Gleb Gorodyankin