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More Oil, Less Gas on Russian Market
Oil production in Russia in August fell by 0.4 percent in comparison to July. Oil refining also decreased in Russia last month, in spite of lower prices in Russia and on the foreign market. A record high duty oil export duty went into effect on August 1. Companies partially compensated for the falling oil production with income from increased natural gas production.
The central dispatch service of the fuel and energy complex published data yesterday on the production and export of fuel. In the first eight months of the year, oil production amounted to 325.15 million tons, 0.6 percent less than last year in the same period. Oil production in August was 41.53 million tons, 0.8 percent less than in August 2007. Oil export in 2008 through August fell by 5.8 percent compared to last year, to 136.26 million tons. Oil export in August fell 4.5 percent compared to August 2007 and 4.8 percent compared to July 2008. Experts explain that the lower exports are due to falling prices internationally and higher profitability on the domestic market.
Oil prices are falling on the Russian domestic market. They fell almost by 40 percent to 6800-7000 rubles per ton for September delivery. Wholesale prices for petroleum products fell almost 20 percent in July and August. That movement began to be felt on the retail market in August.
Meanwhile, the production and export of natural gas were up. In the first eight months of the year, Russia produced 443.9 billion cu. m. of gas, 3.1 percent more than in the same period of last year. In August, 48.16 billion cu. m. were produced, which is 1.6 percent more than in August 2007 and 2.09 percent less than in July 2008. In the same period, 111.1 billion cu. m. of gas were exported, which is 16.4 percent more than in the same period of last year. In August, 11.1 billion cu. m. of gas were exported, 3.29 percent less than in August 2007 and 14.35 percent less than in July 2008.
www.kommersant.com
All the Article in Russian as of Sep. 03, 2008
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