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The USA takes care about oil market stability.

02.08.2002 | Source:



The United States would invest the exploration of new giant oil provinces in Russia to ensure stability on world oil markets.

The United States has long actively supported oil and gas projects in the former Soviet Union, notably in the Caspian Sea, but has pushed for major pipelines to bypass Russia in order to avoid a Moscow monopoly in shipping energy to the West.

However, these fears have been softened as Russia, the world's second largest oil exporter, could help cushion oil markets against volatile supplies from OPEC nations and political turbulence in the Middle East.

Russian producers are looking to explore untapped oil and gas fields in eastern Siberia, which experts say may yield as much oil as the rich fields of western Siberia.

Russian companies, however, have never mentioned the eastern Siberian Arctic shelf as having potential for huge oil resources. So far only Russia's fifth largest oil producer, Sibneft, is conducting modest exploration in Chukotka, Russia's easternmost region, opposite Alaska.

U.S. oil giants have been so far modestly active in Russia, unlike European majors, who have been rushing over the last year to acquire new reserves in the country, taking advantage of Russia's improving political and economic climate.

Russia currently exports up to three million barrels per day of crude to world markets. Its oil output is booming for the fourth consecutive year and the country needs to build new export routes as its domestic consumption is barely increasing.

Russian oil firms, which typically ship their crude to Europe, have said they are ready to supply more crude to the United States but need more deep water ports and new logistics to bypass the crowded Turkish straights on the Black Sea and the Danish straight in the north.

Russia's second oil producer YUKOS has already made the country's first ever large crude direct shipment to the United States in June, selling two million barrels of oil to ExxonMobil.

A second tanker sailed in July and another is due to leave next month, with plans to send up to six to the U.S. Gulf Coast by the end of the year.


&to=' target=_blank>SIBNEFT

&to=' target=_blank>YUKOS


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