Tanker trading patterns in the Baltic are set for a shakeup with news that Russia will stop exporting oil products from foreign ports in the region by 2018. Russia’s oil pipeline boss, Nikolai Tokarev, revealed the news while in discussion with the nation’s president, Vladimir Putin on Monday.
If confirmed the news is a blow to the Baltic states of Lativa, Lithuania and Estonia. It would also hit Vitol, the world’s top oil trader, which controls the Latvian port of Ventspils.
“We will be shipping through our own ports as there is surplus capacity,” Tokarev said. Russian ports in the Baltic include Primosrk and Ust-Luga.