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. Last Updated: 07/27/2016

Russia Plans to Export 26M Tons of Oil in 4th Quarter




Russian crude oil exports outside the Commonwealth of Independent States will be about 26.4 million tons in the fourth quarter, a Fuel and Energy Minister spokesman said Monday.


"The figure is 26.4 million, but it is just a preliminary estimate based on production forecasts and internal needs," said Oleg Rumyantsev, spokesman for Energy Minister Sergei Generalov.


"The real figures for each month will be approved by the interdepartmental commission," he added.


The Interdepartmental Commission for Access to Oil Pipelines and Terminals issues export quotas for every oil company on a monthly basis, depending on timely tax payments. He said the commission would discuss on Wednesday additional quotas that might be granted to oil companies to cover their debts to the Transneft pipeline system.


It may also cut quotas for some companies with tax debts, as well as granting additional quotas for two companies, Rosneft and Slavneft. Slavneft said last week that it was seeking a minimum export increase of 260,000 tons to the end of the year to cover obligations to hard currency credits. In September, Rosneft's export quota grew by 200,000 tons.


The commission had cut August and September quotas for two oil producers, Sidnako and Onako, by a third, 223,000 tons and 37,000 tons, respectively,, because of tax debts. The quotas were redistributed to other oil exporters.


He said Russia's third quarter crude exports were estimated at "close to 30 million tons." Rumyantsev said the figure could include oil processed in Lithuania and transit volumes.


Russia exported 28.5 million tons, or 10 percent less than planned, in the first quarter and 30.9 million tons, or 7.8 percent less than planned, in the second quarter, Rumyantsev said.