Transit of Turkmen Oil Through Russian Ports Expected to Decrease

BUSINESS TURKMENISTAN
Transit of Turkmen Oil Through Russian Ports Expected to Decrease
Turkmenistan ranks second in oil exports through Russian ports after Kazakhstan.

Turkmenistan, Kazakhstan and Azerbaijan will reduce oil exports via ports of Transneft in European part of Russia in February, Orient news outlet reported on Tuesday with reference to Interfax.

In general, oil shipment, including transit from Kazakhstan, Turkmenistan and Azerbaijan, in February will amount to 4.625 million tons, which is 29% lower than in January, according to the report.

Russian companies will also reduce their oil exports. Russian oil producers will decrease oil export from Transneft’s European ports in February by 34% compared to January to 3.36 million tons.

Russian experts said that as wholesale prices increase, Russian oil companies are getting ready to move the oil meant to be exported to domestic oil refining plants. Kommersant newspaper reported that according to the draft plan, in February, oil export from Russia’s European ports might drop by a third compared to January. 

The Russian Ministry of Energy has tried to increase the volume of oil at refineries for a while, and Kommersant’s sources suggest that this move has now become profitable for oil companies.

Turkmenistan ranks second in oil exports through Russian ports after Kazakhstan.

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