Russia’s Internal Demand, Tax Policy May Trim Oil Exports

Growth in Russia’s crude oil exports may become a casualty of increasing domestic demand for petroleum products and new export tariff policy that encourages companies to refine the crude at home.

Heavy application of western technology to aged fields has made Russia one of the world’s leading exporters of crude oil. But those exports are increasingly being pinched between slowing production growth in the wake of the crackdown on OAO Yukos (YUKO.RS) and rising domestic consumption.

Schlumberger