Russia has made significant cuts to oil supplies sent to German refineries recently, rekindling concerns in Germany over the reliability of Russian energy supplies.
Lukoil, Russias second largest oil producer, on Friday acknowledged that supplies to Germany had been reduced by about one-third in July and August but refused to explain why the reduction had occurred.
Analysts said Lukoils decision not to provide previously contracted quantities of oil could be aimed at extracting higher prices from German refineries or be part of Lukoils efforts to acquire stakes in German and European refineries.
Oil traders said a dispute between Lukoil and Sunimex, Germanys biggest oil importer, might account for the supply cut, but the aggressive Russian strategy to acquire European refining assets could also play a role.
Lukoil, Russias second largest oil producer, on Friday acknowledged that supplies to Germany had been reduced by about one-third in July and August but refused to explain why the reduction had occurred.
Analysts said Lukoils decision not to provide previously contracted quantities of oil could be aimed at extracting higher prices from German refineries or be part of Lukoils efforts to acquire stakes in German and European refineries.
Oil traders said a dispute between Lukoil and Sunimex, Germanys biggest oil importer, might account for the supply cut, but the aggressive Russian strategy to acquire European refining assets could also play a role.
http://www.ft.com/cms/s/0/e9336464-523f-11dc-a7ab-0000779fd2ac.html