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Wednesday, November 14, 2018

FSU seaborne oil exports up nearly 17% in 2003

According to the IEA monthly oil market report of February 2004, Former Soviet Union (FSU) total seaborne oil exports were 5.3 mbd in 2003, up from 4.54 mbd in 2002. Total net exports in 2003 (including the Druzba pipeline exports of 1.03 mbd) were 6.79 mbd, up from 5.92 mbd in 2002.

The IEA further reports that total net exports of crude and products are estimated to have levelled off in January 2004, with declines in crude shipments being offset by higher products exports. Black Sea exports fell by around 0.35 mbd, with bad weather closing several ports for nearly a week. However, Baltic shipments rose by an equivalent amount. Although there was a sharp recovery in Black Sea sailings in late January, exports there could remain constrained not least due to continued bottlenecks facing vessels transiting the Bosporus.

The overall trend of Russian exports away from the Black Sea and towards northern outlets was again emphasised in January. Transneft reports that it expects its own pipeline system to expand by 0.6 mbd in 2004 and also indicates that expansion of the Baltic Pipeline System to 0.84 mbd will be completed by end February. Russian plans to reverse the flow of crude south via Ukraine from Brody to Odessa on the Black Sea have been thwarted by an early February announcement by Ukraine that it will use the pipeline instead to move Caspian crude northwards into central Europe.

Click here to view development in FSU oil exports on the INTERTANKO website