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Europe will depend on Russian oil

19 December 2007
Written by: webmaster Posted under Globalization

According to last data, significant reduction of oil recovery Brent at Northern sea shelf is planned already in 2010. Till 2012 volumes of oil, extracted in this region, will decrease up to 3,66 million barr./day and up to 2,7 million barr./day in 2020.
Analysts mark that these forecasts speak only about one tendency -very the Europe will not have other way out, but to increase oil supply from Russia. And it, in turn, will lead to sharp rise in price of Urals oil for Europeans.
Russia and Africa are the basic alternative sources of oil for Northern Europe and as volumes of oil extracting in Northern Sea will decrease, the growth of demand for this raw material will correspond to volumes of the Russian export.
It is expected that volumes of oil, extracted in the Russian Federation, will increase till 2012 up to 10,53 million barr./day (at present this parameter makes 9,95 million barr.). However, experts mark, that at increase in deliveries from Russia Europeans should increase oil refinery financing. The matter is that oil Urals contains a lot of sulfur. Therefore EU should lead modernization at the oil refining factories as European oil refineries cannot process a lot of oil with the high maintenance of sulfur.
In this connection Finnish Neste Oil, which owning two  oil refineries with general capacity of 256 thousand barr./day, has already informed on intention to increase volumes of import of the Russian oil and to construct new oil refiners, which will process this oil. The Finnish company plans to increase use of the Russian oil up to 82 %, in comparison with current 36 %. And volumes of oil, received from shelves of Northern Sea, have been already reduced from 47 % up to 18 %.
 




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