Russian Oil Exports Down 25%

By Maria Ermakova

Bloomberg — Russian oil exports have dropped 25 percent below “normal” levels, OAO Transneft Chief Executive Officer Nikolai Tokarev told reporters today, according to Interfax.

An oil pump is seen on the shore near Santa Cruz del Norte, ...

The reductions are “temporary,” Tokarev said, according to the report. “The companies have contracts and obligations to their foreign partners, and they will fulfill them.”

Russia cut its crude export duty by 23 percent to $287.30 a metric ton from Nov. 1, according to a government order published in the official Rossiyskaya Gazeta newspaper on Nov. 5.

Transneft is Russia’s state oil pipeline operator.

Mikhail Barkov, spokesman for Transneft, and Marina Dracheva, spokeswoman for TNK-BP, BP Plc’s Russian oil venture, declined to provide an immediate comment on the report. Vladimir Semakov, spokesman for OAO Lukoil, Russia’s largest non-state oil producer, couldn’t be reached.

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