PUMPING UP THE VOLUME
Slip in exports profitability won't suppress shipments growth
Downfall of benchmark blends prices in US and the North Sea in late November - early December put pressure the outright price of Russia's crude as well. Urals prices soaring above $40/bl remained a fond memory of the peak driving season in US. Second half of November and beginning of December also witnessed deteriorating profitability of Russia's oil exports. This failed to halt yet another expansion of volumes scheduled for shipments in 1Q 2005.
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