Russia Diversifies Oil Export Routes and Markets

Russian oil exports are at a post-Soviet high of 10.2 million barrels per day. With oil averaging $70-$90 per barrel in 2011 (it has increased since then to about $100 per barrel) Russia made $309 billion last year from oil and oil product exports. But Russia has long been tied to its traditional export routes, most of which go to Europe. Since 2007, Russia has been working on projects that will diversify its export routes and expand its energy markets in order to give Moscow more flexibility in exporting and more leverage in supply deals. This year, two of the largest export expansion projects will come online: the Baltic Pipeline System-2 and the Eastern Siberia-Pacific Ocean oil pipeline expansions.