MOSCOW - Russian oil firms are shipping only three quarters of their planned November exports as a government order to cut oil export duties failed to make exports profitable again, Russia's pipeline monopoly said on Sunday.
Traders predicted in late October that Russian oil companies would cut their November exports after the government decided against lowering oil export duties.
On Nov. 1, the government cut oil export duties, responding to the concerns of top producers. But the cut was far less than oil companies had wanted. [ID:nL1229423]
Nikolai Tokarev, president of Russia's pipeline monopoly Transneft TRNF_p.RTS, told Russian media on Sunday that all Russian producers had cut export volumes by a quarter since the start of November.
But he said the situation should not be overdramatised, calling the decrease in exports "a temporary phenomenon".
"Oil companies are simply being overcautious due to high oil export duties," Russian news agencies quoted Tokarev as saying during a visit to Cuba.
"The situation must change within the nearest week."
Tokarev said Transneft would consider Cuba's invitation to develop its pipeline network.
Sergei Bogdanchikov, president of Russia's largest oil company Rosneft,was quoted as saying five Russian energy majors would each hold 20 percent in a national consortium which would develop Venezuelan hydrocarbon resources jointly with Venezuela's government.
Traders predicted in late October that Russian oil companies would cut their November exports after the government decided against lowering oil export duties.
On Nov. 1, the government cut oil export duties, responding to the concerns of top producers. But the cut was far less than oil companies had wanted. [ID:nL1229423]
Nikolai Tokarev, president of Russia's pipeline monopoly Transneft TRNF_p.RTS, told Russian media on Sunday that all Russian producers had cut export volumes by a quarter since the start of November.
But he said the situation should not be overdramatised, calling the decrease in exports "a temporary phenomenon".
"Oil companies are simply being overcautious due to high oil export duties," Russian news agencies quoted Tokarev as saying during a visit to Cuba.
"The situation must change within the nearest week."
Tokarev said Transneft would consider Cuba's invitation to develop its pipeline network.
Sergei Bogdanchikov, president of Russia's largest oil company Rosneft,was quoted as saying five Russian energy majors would each hold 20 percent in a national consortium which would develop Venezuelan hydrocarbon resources jointly with Venezuela's government.
