OPEC experts talk about considerable growth of Russia's oil export revenues

If oil prices, including Russian Urals and Rebco blends for export, remain at the same level, Russia' revenues from exports of carbon raw materials will considerably increase by the end of 2001. According to the RIA news correspondent, such opinion has been expressed by the experts who are close to the senior management of the Organization of oil exporting countries (OPEC) in Vienna. According to the data of the said circles, export supplies of crude oil from Russia in January-February of the current year grew more than by 10% as compared with the same period of 2000 - this is 14,5 million barrels higher than in the last year. The total amount exported for the first two months of 2001 from Russia was 161 million barrels of crude oil. The revenues from those crude oil exports saw a growth of 6,7% totalling $3,7 billion. The revenues received by Russia from sales of natural and other gases for the first two months of the year have not yet been released, said OPEC experts. At the international commodities exchanges, where Russian Urals blend is traded, there is a noticeable growth of price for this crude oil blend: currently, the price of one barrel of Urals is $25.22, which is 16,5 percent higher than last week's Urals price. In the view of OPEC experts, following commodities exchanges' opening on Tuesday next week, there will be a new increase of the Russian oil price, which is far ahead of OPEC and Mexican oil "basket" consisting of 7 blends.

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