Russian oil companies have not reduced supplies to the network of pipeline monopoly Transneft TRNFP, and deliveries this year are seen on a par with 2024, a senior Transneft official said on Thursday.

Maxim Grishanin, the company’s first vice president, told reporters the company has enough capacity to meet a possible increase in supplies.

Russia is expected to increase output in line with decisions by the Organization of the Petroleum Exporting Countries and its allies. Transneft transports more than 80% of all the oil produced in the country.

Grishanin said Transneft’s cash deficit was rising due to a higher tax burden, and it had to shelve some projects while allocating funds mainly to support current assets.

Last year, Russia’s parliament approved an increase in the tax on Transneft’s profits to 40% from 20% for the 2025-2030 period, as Moscow seeks more funds to finance its military campaign in Ukraine.

Ukraine and Russia have stepped up attacks on each other’s energy facilities as peace talks to resolve the conflict have stalled since July. Ukrainian attacks last month disrupted Russian oil exports from Primorsk, a key outlet on the Baltic Sea.
Source: Reuters