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Tuesday, August 05, 2008

Oil Industry Still Losing Height

Sibir Energy announces new production record-SpotlightAug. 05, 2008 - Kommersant - The crude oil production, export and prices are declining in Russia. According to the July statistics of TsDU TEK, nearly all indicators of this branch are going down in the country. The prices for petroleum are shedding as well, which is generally attributed to the government’s policy. At the same time, the duties on oil export are going up, similar to the prices for Ai-95 gasoline, which shortage is blamed on breakdown and rebuilding of Russia’s refineries. Central Dispatcher’s Supervisory Department of Fuel and Energy Complex (TsDU TEK) released yesterday the latest data on export and production of oil in Russia. The seven-month output was 283.664 million tons, i.e. 0.5 percent down on year. With the oil transit taken into account, the overseas export sank 4.6 percent on year to 19.341 million tons in July of 2008. The record duty on oil export – $495.9 per a ton – took effect August 1, signaling the decline will continue this month. The duty was calculated in time of skyrocketing prices for crude oil. The growth in supply on domestic market, decline in domestic prices for crude oil and the order of Prime Minister Vladimir Putin to Federal Antimonopoly Service to probe into domestic prices for jet fuel, black oil fuel and coking coal drove down ex-factory prices for petroleum. According to the monitoring survey of Kortes, the ex-factory prices of Russia’s refineries continued their decline. As of August 1, the automobile gasoline lost 1.75 percent during a week, black oil fuel dropped 2.05 percent, diesel fuel sank 2.35 percent, jet fuel fell 1.75 percent. The spot prices for July 28 to August 1 went down as well. A76/80 gasoline lost 1.5 percent, A92/93 was down 2 percent, diesel fuel fell 3.6 percent, black oil fuel dropped 1.9 percent, jet fuel declined 1.6 percent. The only exception was A95/96 gasoline with its growth of 1 percent, which is attributed to extraordinary rebuilding of refineries caused by their breakdowns. Another reason was the growth in demand for this type of gasoline fueled by owners of cars of foreign make.

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