Tendency for the increase oil products export from Russia is positive but not quite reasonable –Accounts Chamber

​The tendency to the rise of oil products export from Russia suggested by the corrected forecast of the Government is positive but not quite reasonable, is said in the conclusion of the Accounts Chamber on the draft law “On introduction of changes to the federal law “On federal budget for 2015 and 2016-2017”.

The forecast reduction of oil supply export and rise of oil products export with saving the oil extraction at the level of 2014 presuppose that in 2015 Russia will increase the export of oil products reducing the export of crude oil, the Accounts Chamber says.

The agency says that “there are risks of realization of the increasing dynamics of oil products export as the world sales markets of oil products are overloaded and it will be difficult for the Russian producers of oil products to occupy their place in this highly competitive market”. Moreover, a low level of oil processing efficiency, high level of wear out of production capacities in oil refining may not allow to sufficiently increase the output of oil products necessary for export and domestic consumption.

“Taking this into account, the forecast reduction of oil export seems not to be quite reasonable”, the Accounts Chamber comments on the draft law.