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. Last Updated: 07/27/2016

Baltic States Pounded by Falling Exports

Falling Russian crude oil exports have hit ports in the Baltic states hardest, while Russia's Baltic Sea outlets have continued to prosper, port data for January to October showed on Friday.

Record-high crude oil export duties encourage Russian firms to send more crude volumes to refining and to export more refined products, which are subject to lower export duties than crude oil, or to sell them at home.

Tallinn, Estonia, remained the largest outlet for Russian products, exporting 21.8 million tons of liquid cargo, or 0.4 percent more year on year.

But the ports in Latvia and Lithuania have struggled to maintain crude volumes, as oil firms have rerouted oil exports toward ports within Russia. Latvia's Ventspils port, the biggest Baltic Sea outlet for Russian crude in the 1990s, further cut crude shipments to just 244,000 million tons, or 6,000 barrels per day, from 2.1 million tons, or 50,000 bpd, in January through October 2004.

The other two Baltic Sea ports, which have been affected by troubles at Yukos, also had to further cut oil exports.