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Russia’s Gas Exports Expected to Rise as Libyan Oil Holds Russian Crude Exports Down

© Sputnik / Ivan Rudnev / Go to the mediabankExports of natural gas from Russia will amount to 190 billion cubic meters in 2015.
Exports of natural gas from Russia will amount to 190 billion cubic meters in 2015. - Sputnik International
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Exports of natural gas from Russia are expected to grow while crude sales are most likely to go down as a result of a revival in Libyan oil production, and the start of light crude exports from the United States, according to the data provided by Russia's Ministry of Economic Development.

Updated 7:52 p.m. Moscow Time

MOSCOW, September 14 (RIA Novosti) - Exports of natural gas from Russia are expected to grow while crude sales are most likely to go down as a result of a revival in Libyan oil production, and the start of light crude exports from the United States, according to the data provided by Russia's Ministry of Economic Development.

Exports of natural gas from Russia will amount to 190 billion cubic meters in 2015, 191 billion cubic meters in 2016, and 191.5 billion cubic meters in 2017, an evaluation of basic macroeconomic indicators from the Ministry of Economic Development shows. The evaluation was provided by the Ministry to RIA Novosti on Sunday.

Forecasts of natural gas exports compared with the budget for 2014-2016, in addition to index budget projections for 2017, have slightly changed. Thus, the rate for 2015 increased by 0.9 percent, the 2016 rate went up by 0.4 percent, while the 2017 rate decreased by 0.3 percent.

In comparison with the forecast published by the Ministry in May, the rate of gas exports from Russia in 2015 decreased by 1.2 percent and by 0.8 percent in 2016 and 2017.

According to Russia's Federal State Unitary Enterprise, Central Dispatching Department of Fuel Energy Complex (CDU TEK) gas exports in 2013 increased by 10 percent totaling some 204 billion cubic meters.

Meanwhile, oil exported from Russia in 2015 and 2016 will amount to 227.5 million tons and 229.5 million tons in 2017; with 153.5 million tons of oil in 2015, 149 million tons in 2016, and 144.2 million tons in 2017.

The Ministry downgraded the outlook for oil exports in 2014 and 2015 by 4.3 percent and 6.2 percent respectively, compared with the budget for 2014-16. Forecasts for 2017 oil exports predict a 8.2 percent decrease compared with respect to budget projections.

In comparison with the forecast published by the Ministry in May, Russia's oil exports have been cut by 0.96 percent in 2015-16 and by 0.2 percent in 2017.

Exports of petroleum products from Russia in 2015 are predicted to total 153.5 million tons along with 149 million tons in 2016, and 144.2 million tons in 2017. Forecasts have increased by 13.9 percent and 15.4 percent with respect to budget figures for 2015 and 2016 while budget projections for 2017 have increased by 16.2 percent.

The Ministry's May projections on petroleum exports from Russia have increased by 3.4 percent in 2015, 2.8 percent in 2016, and 1.4 percent in 2017.

According to the CDU TEK, oil exports decreased by 2.1 percent in 2013, amounting to 234.86 million tons.

Russian Finance Minister Anton Siluanov told journalists on Sunday the Finance Ministry was closely following oil prices and pledged to take measures in case the price for Urals oil fell significantly lower than the budgeted figures of $96 per barrel.

"We will monitor the situation and react according to the situation," Siluanov promised, adding that the current decline of oil prices was caused by growth in Libyan oil production and beginning of export of the light crude oil from the United States.

"How will the situation unfold? Either the [global] economic growth will increase, causing the increase in demand for oil, or, if measures to regulate the oil market are once again not taken, there will be an excessive supply," said the Minister.

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