Global oil market can be influenced by YUKOS reducing oil sales

YUKOS can reduce its oil sales, and this will influence the global oil market, said YUKOS Board Chairman Steven Tidi.
"There is a risk of decreasing oil sales in the global market because of the situation in the company. I cannot say how this will influence the oil price. If YUKOS stops drilling oil, this will influence the global oil market in certain way”, said Mr. Tidi.

According to Steven Tidi, Transneft publicly stated that if YUKOS cannot pay due fees, Transneft will pump oil of other companies in its pipelines. Currently YUKOS has paid Transneft tariffs until the end of August.

According to YUKOS press-release, Russian Taxation Ministry and Apparitors Department made it impossible for YUKOS to attract loans and use other sources of funding. In addition, attracting additional funds by selling the company assets is impossible as well as YUKOS property has been under arrest.
"This can result in lack of liquid assets, and the company’s operation will stop. Export of oil and oil products will be reduced”, said Steven Tidi.

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Author`s name Evgeniya Petrova