Russia » Economics
Author`s name Michael Simpson

Russia's Oil Export Increased by 20 per cent

Over August - October 2003, the volume of petroleum products export reduced while the average contract price increased
Russia's oil export has increased by 20.2 per cent over January - October 2003 as compared with the same year-ago period. Over the ten months of 2003, the oil export made up 172.408 million of tons, the Russian State Customs Committee reports.

Over the period under report, Russia has exported oil to the sum of $30.255 billion including 153.981 million tons of oil to the sum of $27.843 to foreign countries and 18.427 million tons to the sum of $2.412 billion to the CIS.

The physical volume of crude exported to foreign countries has increased by 18.6 per cent over January - October 2003 and the average contract price increased by 12.6 per cent. In October, the oil export increased as compared with September by 902,000 tons owing to supplies to the Netherlands, Italy and Cyprus; however the average contract price for oil remained the same as in August.

Crude export to the CIS increased by 19.6 per cent over January - October 2003 as compared with the same year-ago period. Within August - October, the average contract price reduced to $149.5 per ton while the volume of exported oil was on the rise. The volume of natural gas supplies reduced by 14.2 per cent and the average contract price dropped by 3 per cent.

Over the ten months of the year, the petroleum products export increased by 1.6 per cent to 63.796 million as compared with the same period in 2002. Over the period under report, Russia exported petroleum products to the sum of $11.483 billion, including 62.027 million tons to the sum of $11.145 billion abroad and 1.769 million tons to the sum of $337.8 million.

The volume of petroleum products exported abroad slightly increased by 1.3 per cent over the ten months of the year as compared with January - October 2002 while the average contract price gained 24.5 per cent. The volume of diesel oil export increased by 7.1 per cent (the price gained 23.1 per cent), but black oil supplies reduced by 8 per cent (the price increased by 18.1 per cent). Over August - October 2003, the volume of petroleum products export reduced while the average contract price increased.