Moscow: Crude oil prices around the world look likely to rise over the next few months as delays in commissioning of pipelines for Russia's Sakhalin-2 project indicate that it will be unable to supply year round exports, reports Reuters.
The delay has meant that year round supplies from the project, jointly owned by Gazprom, Shell, Mitsui & Co and Mitsubishi, are now scheduled to begin only next year once the pipelines have received technical and environmental approval.
Production of Vityaz crude at the project is expected to more than double from the current 60,000-70,000 barrels per day (bpd) to 150,000 bpd in the next four years. [20/09/07]
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