Russian oil exports up - PIW

Petroleum Intelligence Weekly reports that exports of oil products rose in Russia last year, boosted by crude output and refinery runs. Shipments abroad climbed 12% to 66.7 mil tonnes in 2001 from 59.6 mil tonnes in 2000. Increased refinery runs were mainly responsible for the higher export volumes, as oil companies shipped the incremental barrels abroad.

Fuel oil accounted for most of the increase in exports, as the Baltic Sea ports took advantage of increased capacity to boost shipping during the peak summer season of river navigation. Fuel oil shipments rose to 0.602 mbd last year, up 0.096 mbd, or 16%, from 2000 levels. Exports also benefited from a decline in domestic demand, mostly for fuel oil, which fell by 1.4 mil tonnes in 2001 from the previous year’s.