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2017-11-15 15:10:00

RUSSIA'S OIL EXPORTS UP

RUSSIA'S OIL EXPORTS UP

 

 

 

 

EIARussia exported more than 5.2 million barrels per day (b/d) of crude oil and condensate and more than 2.4 million b/d of petroleum products in 2016, mostly to countries in Europe. Exports of crude oil and petroleum products represented nearly 70% of total Russian petroleum liquids production in 2016. Russia's oil and natural gas industry is a key component of Russia's economy, with revenues from oil and natural gas activities—including exports—making up 36% of Russia's federal budget revenues.

Crude oil trade is important to both Russia and Europe: about 70% of Russia's crude oil exports in 2016 went to European countries, particularly the Netherlands, Germany, Poland, and Belarus. Similarly, Russian imports provided more than one-third of the total crude oil imported to European members of the Organization for Economic Cooperation and Development.

Outside of Europe, China was the largest recipient of Russia's 2016 crude oil exports, receiving 953,000 b/d, or about 18%, of Russia's total crude oil exports. Russia was the largest supplier of crude oil to China in 2016, surpassing Saudi Arabia for the first time on an annual basis.

Russian crude oil exports to China have grown steadily since 2010. Russia exports crude oil to China using the East Siberia-Pacific Ocean (ESPO) pipeline and pipeline connections through Kazakhstan. Russian ESPO-grade crude oil exported from Russia's Pacific port of Kozmino can reach Chinese ports quicker than crude oil shipped from the Middle East, allowing Russian crude oil to be shipped in smaller volumes and with more flexible scheduling.

In 2016, more than 80% of Russia's crude oil and condensate exports were seaborne. However, regardless of the ultimate mode of transport, most of Russia's crude oil exports must traverse Transneft's pipeline system, either as a direct route to reach bordering countries or to reach Russian ports. Russia's state-owned Transneft holds a near-monopoly over Russia's pipeline network, although some smaller volumes of exports are shipped by rail and on vessels that load at independently owned terminals.

Russia also exports sizeable volumes of petroleum products. According to Eastern Bloc Energy, Russia exported about 1.3 million b/d of fuel oil, 990,000 b/d of diesel, and 120,000 b/d of gasoline in 2016. It exported smaller volumes of liquefied petroleum gas (75,000 b/d) during the same year, according to Clipper Data. Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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Earlier:

RUSSIA'S GDP UP 1.8%
2017, November, 14, 17:40:00

RUSSIA'S GDP UP 1.8%

The Russian economy is recovering from a full-blown crisis caused by a massive drop in prices for oil, its key export, and by economic sanctions imposed by the West over Moscow’s role in the Ukraine crisis.

 

 
 OPEC AND RUSSIA CUTTING
2017, October, 20, 12:35:00

OPEC AND RUSSIA CUTTING

Russia’s readiness to back an extension of the supply cuts agreement between Opec and its allies until the end of 2018 has prompted oil ministers to seek widespread support for the proposal, Opec’s secretary-general said on Thursday.

 

 RUSSIAN OIL PRODUCTION DOWN TO 10.9 MBD
2017, September, 4, 12:35:00

RUSSIAN OIL PRODUCTION DOWN TO 10.9 MBD

Russian oil output slipped to a year-low of 10.91 million barrels per day (bpd) in August from 10.95 million bpd in July, Energy Ministry data showed on Saturday, as Gazprom Neft suspended offshore Arctic production to carry out maintenance.

 

 RUSSIA SANCTIONS AGAIN
2017, July, 24, 13:50:00

RUSSIA SANCTIONS AGAIN

"The legislation, if enacted, is a big political win for members of Congress who want to take a strong stance on Russia," Elizabeth Rosenberg, a senior fellow and director of the energy, economics and security program at the Center for a New American Security, said Sunday. "It will rearrange the way the global energy industry does business with Russia and significantly increase the risk around dealings with Russia."

 

 RUSSIA'S INVESTMENT POTENTIAL
2017, July, 12, 14:15:00

RUSSIA'S INVESTMENT POTENTIAL

"Russia is among the leading energy countries today. We see colossal unrealized potential for cooperation, for investment -- we will continue working on implementing it with all the interested parties," Novak said.

 

 RUSSIAN STRUCTURAL REFORMS
2017, May, 22, 16:45:00

RUSSIAN STRUCTURAL REFORMS

IMF - advancing decisively on the structural reform agenda to improve growth potential and rebalance growth towards non-commodity sectors.

 

 

 RUSSIA'S OIL SUCCESS
2017, January, 13, 18:35:00

RUSSIA'S OIL SUCCESS

For every one dollar reduction in the price of oil, Russia suffers a staggering two billion dollar loss in its revenue. On top of the economic sanctions slapped on Russia following the annexation of Crimea, one may consider the record Russian oil production of 11.247 mbpd nothing short of a miracle.

 

 

Tags: RUSSIA, OIL, EXPORT

Chronicle:

RUSSIA'S OIL EXPORTS UP
2018, August, 13, 13:35:00

INDIA BUYS U.S. OIL

PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.

RUSSIA'S OIL EXPORTS UP
2018, August, 13, 13:30:00

ANGOLA'S OIL EXPORTS UP TO 1.63 MBD

PLATTS - Angola's crude oil exports rebounded to a four-month high of 1.63 mil b/d in June even as the OPEC member struggles to arrest declines at some of its ageing deepwater oil fields, finance ministry data showed.

RUSSIA'S OIL EXPORTS UP
2018, August, 13, 13:25:00

U.S. RIGS UP 13 TO 1,057

BAKER HUGHES A GE - U.S. Rig Count is up 13 rigs from last week to 1,057, with oil rigs up 10 to 869, gas rigs up 3 to 186, and miscellaneous rigs unchanged at 2. Canada Rig Count is down 14 rigs from last week to 209, with oil rigs down 12 to 140 and gas rigs down 2 to 69.

RUSSIA'S OIL EXPORTS UP
2018, August, 10, 10:55:00

OIL PRICE: ABOVE $71

REUTERS - Front-month Brent crude oil futures LCOc1 were at $71.88 per barrel at 0646 GMT, down 19 cents, or 0.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down by 22 cents, or 0.3 percent, at $66.59 a barrel.

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