Russian crude oil exports to boost Aframax rates

摘要

Russia has set its sights on raising crude exports to the Far East, which is likely to translate into gains for the Aframax market. Russian crude exports to Asia have gained pace since the opening of the Kosmino terminal - indeed, until the terminal opened they were all but impossible. The start of ESPO (East Siberia Pacific Ocean) crude exports has come at a time when Russia has overtaken Saudi Arabia as the world's biggest oil producer. Last year, Russia's crude production was 10.1M bpd, up 2.2% from 2009, against OPEC's 8.4M bpd. In 2009, Russia exported 500,000bpd of crude to Asia. That figure is set to double by 2014, after the ESPO pipeline enabled 15M tonnes to be supplied to China annually.