Crude Export Up, Products Export Down

Crude Export Up, Products Export Down

  • In H1 2016, the Russian export of crude oil grew 6% year-on-year to make 127.8 bn tons. The value of crude export, on the contrary, fell 31.5% to $32.9 bn.

    Oil products export dropped 13.1% to 80.2 mn tons, its value decreased even more significantly, down 46% to $21.1 bn.

    The export of petrol increased tonnage-wise 8.6% to 2.9 mn tons, decreasing in value 27.4% to slightly more than $1 bn.

    The export of diesel fuel made 25.3 mn tons, down 9.2% year-on-year. The value of diesel exported fell 44.6% to $8.3 bn.

    In June 2016, the price for Urals crude increased 3.7% compared to May making $46.2 per barrel. Year-on-year, Urals lost 24.7%. The average price for Urals in H1 2016 was $37.7 per barrel, 33.9% below the average price in H1 2015.

    The export of natural gas from Russian made 95.4 cbm in H1 2016, this figure being 6.9% above the H1 2015 result. The value of gas export declined 31.6% to $14.9 bn. LNG export amounted to 11.9 mn tons, 20.2% more than in H1 2015, its value amounting to $1.7 bn (minus 33.9% year-on-year).

    According to the International Monetary Fund, the average contract prices for Russian natural gas on the German border in June 2016 was $145.5 per 1,000 cbm, up 1.3% month-on-month and down 44.7% year-on-year. In H1 2016, the average price was $156.1 per 1,000 cbm, 48.1% below the previous year’s level.

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