Russian Government to Consider Oil Export Raise
Friday April 5, 5:10 am Eastern Time
(This story was originally published by Dow Jones Newswires)
MOSCOW -(Dow Jones)- Russia may consider raising crude oil exports in mid-May, Deputy Prime Minister Viktor Khristenko said Friday, Interfax reported.
The government will review its crude export policy immediately after the May public holidays, ending May 12 , Khristenko said.
Late March, Russia said it would carry over its pledge from the first quarter to trim oil exports 150,000 barrels a day into the April-June period.
Russian oil producers are expected to fulfill the planned oil export restrictions in April, Khristenko said, without elaborating on export volumes in May.
The government will meet with oil producers in May to review the country's export policy taking, into account the latest oil prices increases, he said.
Earlier this week, world oil prices hit a seven-month high due to the escalating tension in the Middle East.
Government Web site: pravitelstvo.gov.ru
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This is great news for all companies producing oil in Russia, particularly TTPT. There is a huge difference between the world oil prices and the domestic oil prices in Russia. Right now TTPT can export 2/3rds of its oil. This export % is already better than most companies operating in Russia, but the economics of their oil field go up immensely if they would ever be able to export more of their oil. |
