Russian companies may dramatically reduce oil exports

Russian companies have filed applications for oil transportation through the system of Transneft in 2016. They plan to pump only 215.8 million tons of oil for export this year that is by 6.4% less than in 2015, said vice president of Transneft Sergei Andronov. On the whole, 476.7 million tons of oil were claimed for the pumping through the monopoly’s system that is by 1% less than in the previous year. Nearly 90% of oil are transported through the system of Transneft.

In 2015, the picture was reversed. In comparison with 2014, the oil pumping via the pipeline system of Transneft increased by 0.7% and exports - by almost 7%. In general, the oil export, which fell since 2009, increased by 9% to 243 million tons. The reduction of the supplies of raw materials abroad was caused by the growth of the processing and export of oil products. Thus, in 2014, exports to the CIS countries decreased by about 23 million tons as compared to 2011 and the refinery increased by about 30 million tons, director of the Moscow Oil and Gas Center EY Denis Borisov.