"Russia, making a strategic shift towards fast-growing Asian markets, said Thursday that it would ramp up eastbound oil exports next year, squeezing supplies to Europe as production is expected to plateau in the years ahead.
The Kremlin is staking a claim to the Asia-Pacific region while boosting the price it commands in Europe for its Urals Export Blend crude, which now often trades at a premium to North Sea benchmark Brent. As a result, European refiners are finding themselves pressed.
Deputy Energy Minister Kirill Molodtsov said Russia, the world's top oil producer, planned to increase oil exports via the Pacific port of Kozmino to 30 million tons (600,000 barrels per day) next year from the 21 million tons expected to be shipped this year."
'via Blog this'
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