In 2015, Russia for the first time in six years, increased its total oil exports, Europe, the largest consumer of Russian raw materials, have increased purchases for the first time in two years. Exports will continue to grow, analysts say.
As follows from calculations by Bloomberg based on data from the Ministry of energy, Russian oil exports to Europe in 2015 has increased by more than 8% — to 150 million tons, or about 3 million barrels. a day. Total exports of Russian oil to all countries of the world in 2015 increased for the first time since 2009. Its volume amounted to 248.3 million tonnes, and up to 2014 it has decreased, reaching the level of 221,3 million tons last year, the export of Russian oil has made 241,8 million tonnes.
It is noted that the weak ruble, low capital costs and favourable tax system allowed Russian oil companies to achieve record production figures. The increase in the refinery margin in terms of the collapse in oil prices has increased the demand for Russian oil from European refineries. Russia reacted promptly to this trend, says Bloomberg.
According to oil and gas analyst of JSC “Gazprombank” Alexander Nazarov, the demand from European refineries has increased due to low oil prices, domestic consumption declined and production increased due to the launch of new projects. Thus, he believes that Moscow still has concerns about the Saudi expansion into traditionally Russian markets.
The effect of the inflow of new volumes of middle East oil to the European market proved to be insignificant for Russia, said the analyst Energy Aspects Ltd Richard Mallinson.
