Europe began to experience difficulties due to changes in energy policy of Russia. Oil supplies from Russia to Europe are at their lowest level in 10 years. This is the result of the increased interest in Moscow’s energy supplies to China. Meanwhile, European refineries were already on a starvation diet.
According to the schedule of deliveries in July, Russia will supply to Europe only 2.1 million barrels per day. Such a drop of oil to the West is due to several factors.
First, Russia has recently accelerated growing internal processing. And secondly, in effect begun to change in export policy of Moscow, which aims to increase energy supplies to China. As a result, European consumers are forced to pay for Russian oil Urals. It is trading at the same price as a European brand Brent, although the quality is inferior to him.
Russian oil exports to Asia grew rapidly from small amounts in 2010 to 500 thousand barrels per day due to the fact that Moscow has signed a number of lucrative deals to supply oil to China through the new pipeline Eastern Siberia — Pacific Ocean. And this is just the beginning.
In June, Rosneft and China National Petroleum Corporation (CNPC) signed a long-term agreement to supply oil to China. Russian President Vladimir Putin praised the contract amount of 60 billion dollars. By some estimates, over 25 years Russia may put to the Celestial 800 million tons of oil. In other words, China will become the largest buyer of Russian oil in the next five years.
Now on this indicator China is the only fourth. And the largest importer of Russian oil is still Germany, which in 2011 bought by 700 thousand barrels of oil per day. Incidentally, the head of Rosneft, Igor Sechin said that Putin gave an estimate only part of the deal. According to him, the contract with China will pull on $ 270 billion.
"From the Russian point of view, to redirect export flows to Asia, where demand is growing — it makes sense. But this creates a shortage of oil in Europe, as production from the North Sea are falling, "- said the analyst consultancy Energy Aspects Amrita Sen.
As another factor, the Russian companies increasingly prefer to supply Europe processed oil, particularly diesel fuel, but not raw material. Russian refineries processed more than 5 million barrels of oil per day, which is 25% more than in 2005, writes
Exports of diesel fuel from Russia to northern Europe on the Baltic Sea has increased to 500 thousand barrels per day versus 300 thousand barrels a year ago, according to consulting firm ESAI Energy LLC. The Federal Customs Service of Russia the following figures.
In the first three months of this year, the supply of petroleum products to foreign countries amounted to 29,483,000 tonnes at 14.659 billion dollars. Compared to the same period last year, exports of gasoline increased by 14.2% to 476.4 thousand tons, exports of diesel fuel — by 5.9% to 9.266 million tons.
European refineries are suffering from a shortage of crude oil from Russia, is an additional reason for the embargo on oil from Iran, which was imposed by European countries. The high price of Urals oil has led to the fact that European oil companies such as Hellenic Petroleum of Greece, Repsol of Spain, Galp of Portugal, have difficulties because they have invested heavily in upgrading processing is just right for this type of oil.
"A lot of modernized refinery processing, but when prices linked to Brent, high, they do not win" — analyst Bank of America Merrill Lynch Laura Webster.
But the worst thing in the future will have to refineries in Eastern Europe: Neste Oil of Finland, PKN Orlen and MOL from the Czech Republic of Hungary, who receive large amounts of oil from Russia. Many of them try to err by concluding transactions with suppliers. For example, PKN has signed an agreement with Rosneft at $ 7 billion on oil supplies through the pipeline "Druzhba" until June 2016. Scope of supply — to 8 million tons.
But Europeans can not complain at that. Russia has already expressed its attitude to Europe in the energy supply. In particular, the Deputy Prime Minister Arkady Dvorkovich in an interview with The Wall Street Journal said that Russia for decades has been the largest supplier of energy to Europe, but in recent years to the state has repeatedly been criticized for its strict pricing policy.
"If Europe prefers to energy sources that are not environmentally friendly, this solution in Europe. All is well. The demand is there and in other parts of the world, "- said Dvorkovich. According to Deputy Prime Minister, the decision to increase gas supplies to Asia will allow Russia to enter the market at the right time.