Transneft's Oil Shipments Lag

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Russian national pipeline monopoly Transneft said that shipments via its network increased in July-September although total nine-month figures were down from the same period of pre-pandemic 2019 and even 2020. The decline is largely a result of Opec-plus production restrictions, the operator said. Crude shipments via the Transneft network stood at 334.8 million metric tons (8.97 million b/d) in January-September, down by 0.8% on the same period last year and over 8% over the same period of 2019. In January-September, Russian companies raised crude supplies to the domestic market by 2.7% on the year, while shipments to non-former Soviet Union states dropped by 6.7% as producers sent more to the domestic market to avoid a petroleum products deficit and price spike.

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