Increase in FSU net oil exports - IEA

Preliminary estimates from IEA show that net oil exports from the Former Soviet Union (FSU) increased to 6 mbd in March 2003. Loadings at Black Sea terminals increased sharply as the stormy weather subsided and as tanker delays in the Bosporous Strait eased. Of the 6 mbd exported, 3 mbd came from the Black Sea. Crude oil exports accounted for the increase whereas oil product exports slowed somewhat.

IEA report that on 19 March the Russian government approved Transneft’s proposal to expand the capacity of the Baltic Pipeline System from 0.24 mbd to 0.6 mbd. This decision may affect the competing project to construct a new 1 mbd crude export terminal at Murmansk with a pipeline linking the port and the existing pipeline network.

Further information on FSU oil export development in tables and graphs can be found on the INTERTANKO website.