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Is Russia Hoarding?

Exports to fall, apparently due to new export tax:

Russia Turns Dn the Crude Tap a Bit

Russia’s Industry and Energy Ministry has approved the crude oil export schedule for the first quarter of 2008. The export will go down by 1.5 percent vs. the fourth quarter of this year.

People in the RF Industry and Energy Ministry said yesterday that the ministry had approved the Q1’08 schedule for crude oil export via Transneft pipelines. Some 45 million tons of crude will be supplied to the far-abroad states from January to March, which is 1.5 percent down on quarter.
The schedule specifies the decline in deliveries in Novorossiysk and Primorsk direction. The Czech Republic, Slovakia, Hungary will get less crude oil via the pipelines. But Belarus will receive the same 4.5 million tons, although Ukraine may count on just 4.8 million tons vs. 5.1 million tons in the fourth quarter. The shipment to Pavlodarsk refinery, Kazakhstan, will shed to 1.07 million tons from 1.2 million tons.
At the same time, the transit supplies via Kazakhstan and Azerbaijan will increase to 5.38 million tons from 5.87 million tons, and the transit to Germany via Belarus will step up from 300,000 tons to 375,000 tons. The schedule sets forth the first transit supplies to China via Kazakhstan. The amount is 300,000 tons of crude – TNK-BP and Gazpromneft will deliver 150,000 tons each.
In the ministry, they urge not to dramatize the situation and blame the decline on the seasonal nature of deliveries. But the analysts give different reasons, attributing the drop in crude export not to the cold winter but rather to the surge in export duties coupled with petroleum growth.

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This entry was posted on Friday, December 21st, 2007 at 3:33 pm and is filed under Russia, oil supply. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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