Russia to increase exports to China in strategic shift

In a change of market strategy with geopolitical implications, Russia is increasing exports of crude oil to China at the expense of other Pacific Basin importers. Andrew Reed, a principal at ESAI Energy LLC, notes the shift in a report distributed recently by the consulting firm based near Boston. Until recently, Reed writes, Russia had resisted Chinese requests for more than the 300,000 b/d now flowing through a spur of the East Siberia Pacific Ocean pipeline. Now, however, state-owned Rosneft indicates it will boost deliveries to China by 325,000 b/d by 2018. “Rosneft’s own announcements suggest that exports to China could even rise to 1 million b/d,” Reed says. Because the Russian gian...

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