Higher Russian crude exports in the frst half of this year refect the impact of tax changes introduced in January. Russian pipeline crude exports topped 3.8mn b/d in the frst half of this year, a 260,000 b/d increase on the year (see table, left). This was the frst six-month rise since 2012, when the BPS-2 pipeline to Ust-Luga started up. The growth partly refects the Kremlin’s “tax manoeuvre”, which cut crude export duty and hiked the levy on dirty products in January (AGM, 12 December, p5). Higher shipments of light sweet ESPO Blend to the Pacifc port of Kozmino have further underpinned the increase in Russian exports. And shipments of Caspian light sweet CPC Blend crude have risen by nearly 120,000 b/d this year.
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