Russian producers cut November oil exports

Nov 09, 2008 01:00 AM

Russian oil firms are shipping only three quarters of their planned November exports as a government order to cut oil export duties failed to make exports profitable again, Russia's pipeline monopoly said.
Traders predicted in late October that Russian oil companies would cut their November exports after the government decided against lowering oil export duties. On Nov. 1, the government cut oil export duties, responding to the concerns of top producers. But the cut was far less than oil companies had wanted.

Nikolai Tokarev, president of Russia's pipeline monopoly Transneft, told that all Russian producers had cut export volumes by a quarter since the start of November. But he said the situation should not be overdramatized, calling the decrease in exports "a temporary phenomenon".
"Oil companies are simply being overcautious due to high oil export duties," Tokarev was quoted as saying during a visit to Cuba. Tokarev said Transneft would consider Cuba's invitation to develop its pipeline network.

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