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EIA: Russian export revenue highest for oil

European vulnerability extends beyond natural gas.
By Daniel J. Graeber   |   July 24, 2014 at 10:30 AM   |   Comments

WASHINGTON, July 24 (UPI) -- Russia receives more revenue from the export of crude oil and petroleum products than it does from natural gas, the U.S. Energy Department said.

The U.S. Energy Information Administration, the statistical arm of the Energy Department, said in a daily brief exports of crude oil, petroleum products and natural gas accounted for 68 percent of all export revenues in 2013.

"Russia received almost four times as much revenue from exports of crude oil and petroleum products as from natural gas," EIA's Wednesday brief said. "Crude oil exports alone were greater in value than the value of all non-oil and natural gas exports."

European leaders are working to break Russia's control over the regional natural gas market. Most of the Russian gas bound for Europe runs through pipelines in Ukraine, where geopolitical and contractual issues create risks for the European economy.

U.S. legislators have proposed liquefied natural gas exports to help address what they see as the foreign policy concerns stemming from Russian energy influence.

"Europe, including Turkey, receives most of Russia's exports of crude oil and products, as well as virtually all exports of natural gas," EIA said.

The U.S. federal government issued sanctions on Russia's independent oil company Rosneft, gas company Novatak and the financial arm of Russian natural gas company Gazprom in response to Russia's stance on simmering crises in Ukraine.

Follow @dan_graeber and @UPI on Twitter.
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