Russia: Too much oil to ship
Who’s the number one oil exporting country in the world? The Saudis? Nope. Russia is! Only problem: How to get all that oil to the customers. Canadians watch out, there is going to be a fat pipeline “With love from Russia” crossing Canada somehow somewhere to the US. It’s only a matter of time — and money.
Russia Unable to Ship All Its Plentiful Oil MOSCOW, Feb. 3 — Russia may be bumping up against a ceiling on its ability to export more oil. One big producer is already experiencing pipeline bottlenecks, and a senior executive of another warned today that the country would face a serious problem by autumn.
As Russia steps up its oil production and takes more market share from producers in the Middle East, its means of exporting oil — ports, pipelines and rail lines — are running at or near capacity.
Oil companies here earn far more from exports than from domestic sales, and the big producers are scrambling to find new routes out of Russia for their crude. Several companies want to build new pipelines, which until now have been owned exclusively by a state monopoly, Transneft.