Two trade sources on Tuesday said that Russia will reduce oil exports through its western ports in July to 1.5 million barrels a day (bpd), a drop of almost 500,000 bpd compared to June. This is because processing at its refineries will increase after maintenance.

Calculations show that Russia's daily oil exports in July will be down by 23 percent compared to the plan for June.

Calculations based on industry data show that the offline refining capacity for July will decline to 1.8 metric tons, from 4.1 metric tons in June's most recent estimate.

The sources stated that oil loadings at Russian Baltic ports Primorsk, Ust-Luga and Urals will drop to 4.9 million tonnes, including exports of Kazakh KEBCO and Urals crude oil.

Sources said that loadings of Urals and KEBCO grades, as well as Siberian Light grades, from the Black Sea Port of Novorossiisk will fall to between 1.7-1.8 millions tons.

According to one source, the loading plan is very short for the month ahead as the majority of large Russian refineries which were idled in June are now processing.

The state has also promised to reduce its oil production to the OPEC+ oil producing nations.