(Removes extraneous "s" in 11th paragraph to show average
estimated Urals price is $104 per barrel, not per barrels)
By Oksana Kobzeva and Lidia Kelly
ST PETERSBURG, Russia, July 1 Russian officials
said they saw little threat from future U.S. exports of a type
of ultra light oil, approved last month after a 40-year ban, and
that prices should hold up despite the extra supply.
With a budget dependent on oil revenues, Russia closely
watches any changes in world supply, and news of a U.S. ruling
that American companies can now export the light gaseous
petroleum known as condensate prompted some analysts to see a
fight for market share in Asia.
"I think it is not very sensitive (for global oil markets),"
Elvira Nabiullina, governor of Russia's central bank, told
reporters at a conference in St Petersburg.
"They (volumes) are likely to play on a side of keeping
(oil) prices from rising further rather than depressing them."
A spokeswoman for the energy ministry agreed.
Analysts at Citi forecast that the United States could
export as much as 300,000 barrels each day by the end of the
year, but the energy ministry spokeswoman said this would not
affect global markets.
Rosneft, Russia's top oil producer and the world's
largest listed oil company by output, declined to comment.
Last year, global oil consumption rose by 1.4 percent to
91.3 million barrels per day (bpd). The United States led last
year, consuming almost 19 million bpd, followed by China with
about 11 million bpd, according to BP statistics.
Russia, the world's second largest oil exporter behind Saudi
Arabia, sent around 16 percent of its total oil exports to Asia
last year. Moscow plans to double the volume over the next 20
A Reuters monthly poll forecast Brent crude oil would
average $108.00 a barrel in 2014 - the highest average forecast
of a Reuters poll so far this year and well above the $105.90
average projected last month due to unrest in Iraq and Ukraine.
Oil and gas account for more than half of budget revenues
and officials have estimated the average price for Russia's main
export blend, Urals, at $104 per barrel this year and $100 in
Up to one million barrels of condensate is produced each day
in the United States, all of which can be exported after some
basic refining to reduce volatility, known as stabilising,
according to the U.S. ruling.
(Additional reporting by Katya Golubkova; Editing by Pravin