On Thursday, Russia stated that it would ramp up next year's eastbound oil supplies and decrease the distribution in Europe. Russia's move was in accordance to a shift in the direction of fast-growing markets in Asia. This was due to the fact that the production of oil was anticipated to plunge in the next few years.
Kremlin ventured for a claim in the Asia-Pacific region as it boosted the cost in Europe for its Urals Export Blend crude.
According to Deputy Energy Minister Kirill Molodtsov, Russia, being the globe's leading oil producer, would increase its exports through the Pacific port of Kozmino. It planned to supply 30 million tons in 2014 as compared with just 21 million tons for this year. About 600,000 barrels each day would be transported.
"The balance between West and East will change," Molodtsov told the media, without identifying the impact in Europe.
Russia was the second biggest oil exporter next to Saudi Arabia. It shipped about 3.5 million barrels each day to Europe. This was one third of its aggregate crude output.
Russia's shift reflected its risk on the increasing demand in China, the globe's seond- biggest oil consumer after the US.
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