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Saturday, December 16, 2017

35% of European oil imports come from the Former Soviet Union (FSU)

According to the Paris-based International Energy Agency (IEA), oil production in the Former Soviet Union (FSU) is projected to increase by 0.5 million barrels per day (mbd) in 2007, the same as in 2006. Russian oil production in 2006 was 9.7 mbd and is expected to reach 9.9 mbd in 2007. The supply from the high profile, expensive Sakhalin 1 project in Russia's Far East doubled to some 0.2 mbd in December.

 

A sharper than expected rise came from Baku-Tblisi-Ceyhan (TBC) pipeline deliveries to the Mediterranean, up by 0.210 mbd in November to 0.46 mbd, in line with an increase in offshore Azeri production.

 

 

 

Indications were that December FSU exports were likely to rise further as lower Russian export duties came into force.

 

Most of the FSU oil goes to OECD Europe. European crude oil imports increased from 1.3 mbd in 1995, to 2.59 mbd in 2000, 4.41 mbd in 2005 and 4.59 mbd in the three first quarters of 2006 (3Q06), which was some 35% of European crude oil imports. About half of FSU product exports also go to Europe, which in 3Q06 took some 1.1 mbd from the FSU - about the same as in 2005.

 

Contact: Erik Ranheim