Report on Russian oil exports by pipeline in February

Mar 06, 2002 01:00 AM

A source close to the Russian Energy Ministry said that Russia had exported about 2.6 mm bpd of oil via pipeline in February, or 72.8 mm tons for the whole month. This is more or less steady on the January figure of 2.59 mm bpd, though the total volume exported by pipeline for the whole month was 80.29 mm tons.
The source was only able to give information on pipeline exports. However, these data seem to indicate that Russia was not fully complying with an earlier pledge to cut oil exports.

Last summer, Russia's state oil pipeline operator Transneft pushed export volumes up to a high of 2.69 mm bpd. The source gave a figure of 2.6 mm bpd for February, meaning that exports are down by only 90,000 bpd, or 60,000 bpd less than the 150,000 bpd cut that the Russian government promised the OPEC for the first quarter of 2002.
Officials in Moscow insist that Russia is fulfilling its pledges to OPEC, even though it may not maintain export cuts past the end of March. The cartel's Secretary General Ali Rodriguez said after meeting with Kremlin officials in Moscow that he had asked Russia not to let export volumes rise in the second quarter. Russian officials said, though, that Moscow would be cautious about imposing any further restrictions on crude oil exports.

Another source meanwhile commented that it did not expect the meetings between OPEC representatives and Russian officials to yield an agreement on second-quarter oil export volumes. Russia has no real incentive to meet OPEC's demands unless oil prices weaken considerably, analysts were saying.

Source: NewsBase
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