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Russia’s economic development ministry forecasts oil exports to go down by 4% in 2015

September 14, 2014, 19:43 UTC+3 MOSCOW
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MOSCOW, September 14. /ITAR-TASS/. Russia’s ministry of economic development expects a four-percent decrease in oil exports in 2015. Exports of oil in 2016 and 2017 will go down by six and eight percent, respectively, on the level fixed in the law on the federal busget for 2014-2016 and a draft budget for 2017, the Russian ministry of finance said on Sunday. 

Thus, oil exports in 2015 are expected at 227.5 million tonnes /against the previously planned figure of 237.6 million tonnes/. Oil exports are forecasted to be 227.5 million tonnes /against 242.6 million tonnes/ in 2016, and 229.5 million tonnes /against 250.1 million tonnes/ in 2017.

The ministry of economic development however forecasts a considerable growth in oil products exports - up to 153.5 million tonnes in 2015 /a 14% growth on the budget-fixed figure/, to 149 million tonnes in 2016 /up by 15%/, and 144.2 million tonnes /up by 16%/ in 2017.

Natural gas exports, according to the ministry of economic development, will also grow: to 190 billion cubic metres in 2015 /up by 0.9%/, 191 billion cubic metres in 2016 /p by 0.37%/. In 2017, however, gas exports are forecast to go down by 0.31% on the draft budget strategy, to 191.5 billion cubic metre.

A mean gas export contract price, taking into account CIS countries, is expected at 289.2 U.S. dollars per 1,000 cubic metres in 2015 /against the price of 316.6 U.S. dollars fixed in the budget/, at 281.5 U.S. dollars in 2016 /299.7 U.S. dollars in the budget/, and 277.9 U.S. dollars in 2017 /309.4 U.S. dollars in the budget strategy draft/.

Gas export prices for countries other than CIS member states are forecasted at 316.5 U.S. dollars per 1,000 cubic metres in 2015 /353.4 U.S. dollars in the budget/, at 306.6 U.S. dollars in 2016 /328 U.S. dollars in the budget/, and at 301.8 U.S. dollars in 2017 /337.7 U.S. dollars in the budget strategy draft/.

The forecast of global oil prices on Urals crude remained unchanged - at 100 U.S. dollars per barrel.

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