Russian oil exports in December could compensate for the lag seen in November, Igor Demin, the press secretary for pipeline operator Transneft (RTS: TRNF), told Interfax.
"We expect the lags in November to be compensated for in December," he said.
Russian oil exports fell by 25% in early November compared to average monthly volumes since it was disadvantageous to export with falling oil prices and high customs duties. "As of the end of November, we had only pumped 12% less. Pumping has been intense in the first few days of December," he said.
The Russian government was forced to take emergency measures, lowering the oil export duty on October 1, November 1 and December 1.
According to the Fuel and Energy Dispatch Center, Russian oil exports declined 6.1% in January-October 2008 compared to the same period of 2007.