MOSCOW - Russian oil exports including transit volumes from neighbouring Azerbaijan and Kazakhstan remained flat in August despite output hitting another post-Soviet high, an Energy Ministry source said on Monday.
Industry sources and traders said the situation was set to remain unchanged for the rest of the year, as oil majors were not changing ambitious output growth targets while Russia's main export ports and pipelines were already pumping at capacity.
"I'm affraid we can face a domestic oil glut in a month or two, when winter storms will hit the main ports and river navigation will be frozen," a senior Russian trader said.
The data suplied by the Energy Ministry source showed that crude oil production, booming for the forth consecutive year in Russia, rose again in August to 7.76 million bpd from 7.65 million bpd in July.
The world's second largest oil exporter supplied 13.78 million tonnes (3.26 million barrels per day - bpd) of its own and transit crude to international markets in August compared with 13.73 million tonnes (3.25 million bpd) in July.
Transit volumes, mainly from Kazakhstan and Azerbaijan, fell slightly in August to 1.53 million tonnes (360,000 bpd) from 1.58 million tonnes (375,000 bpd) in July.
Russian-only crude exports via the state pipeline monopoly Transneft stood at 11.63 million tonnes (2.75 million bpd) in August compared with 11.48 million tonnes, or 2.71 million bpd, in July.
Deliveries bypassing Transneft, mostly by rail, were at 617,000 tonnes (145,000 bpd) in August compared with 677,000 tonnes, or 160,000 bpd in July. /Reuters/
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