Slezanie with oil dependence

Russia reduces oil exports

Russian oil companies have been slow to export oil extracted in the country. In the second quarter of exported oil declined in almost all the leading companies. According to experts, in the near future, this trend will continue: companies more profitable to throw volumes of oil to the refineries and sell oil products produced domestically.


In the second quarter of this year, exports of crude oil declined, follows from the statements of the Company. Compared with the first quarter exports Lukoil declined by 2.4%, "Gazprom oil" — 12.5% of TNK-BP — by 3.2%, "Rosneft" — by 0.1%. In the first half of the dynamics of oil exports was even more negative, with the exception of "Rosneft" and "Bashneft", which have increased shipments abroad (see chart). Everything, according to the Ministry of Energy, the volume of oil exports from Russia in the first half of the year fell by 3.7% to 118.8 million tonnes

The emerging trend is going to be durable. According to forecasts of Ministry of Economic Development in 2013-2014 is expected downward trend of oil exports, despite the favorable world market situation, said in a memorandum on the basic parameters of the socio-economic development of Russia for 2012-2014. At the end of this year, the ministry expects exports decline by 2%, to 244.5 million tons

In the reporting period, the company supplied more oil for processing at refineries due to the increased demand for oil products in the domestic market. In the second quarter, the volume of sales in Russia increased substantially. Most of all petroleum products sold in the domestic market "Gazprom oil" — more than 6 million tons, and the largest increase in sales showed "Bashneft" and TNK-BP (20,7 and 19,2%, respectively).

According to the analyst, "Uralsib Capital" Alexei Kokin, companies, especially in the second quarter, it was more profitable to sell petroleum products in the Russian market, rather than export oil. "Netback for crude oil declined, while the prices of oil products in the domestic market grew," — says the analyst. Exports of petroleum products was slightly more profitable oil exports, but domestic oil products market was still profitable, he adds.

Indeed, the average price of oil Urals (CIF Mediterranean), according to Platts, in the second quarter compared with the first increased by 10.8%, while the average price of fuel oil in the domestic market increased by 13.3%, gasoline — by 16.3%.

In the next three years, exports of Russian oil companies will actually decline, continues Mr. Kokin. "Consumption in the country will increase, while the total production of crude oil will remain at the same level" — sums up the expert.

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