Russian pipeline challenges Europe, gets route change

The planned Eastern Siberia-Pacific Ocean crude oil pipeline, which has taken some route-and possibly economic-swerves recently, is raising supply questions for Europe.Semyon Vainshtok, head of Russia’s state-owned pipeline company OAO Transneft, said the pipeline will reduce Russian oil deliveries to Europe.“We have saturated Europe with oil. And as any economics handbook will tell you, excessive supply makes prices fall. But we do not have the means to decrease supply: All our (oil) exports are directed at Europe,” Vainshtok told the Nezavissimaia Gazeta newspaper.“(As) we turn to China, South Korea, Australia, Japan, this will take oil away from our European com...

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