Russia’s oil pipeline monopoly Transneft’s TRNFP oil flows have continued to decline this year amid the OPEC+ deal and technological challenges, the company’s First Deputy CEO Maxim Grishanin said on Friday.

In a statement on the company’s website, he also said that, due to the turnover decline, revenues will not return to the levels typical of the past 10 years until around 2030.

Transneft, which operates 67,000-kilometre-long (42,000-mile) oil pipeline network, handles more than 80% of all the oil produced in Russia.

CEO Nikolai Tokarev said Transneft shipped 447 million metric tons (around 8.94 million barrels per day) of oil in 2024, including 435 million tons of Russian oil and 12 million tons of oil from Kazakhstan.

The total flows were down from 460 million tons in 2023.

Transneft’s main source of revenue is tariffs on oil and oil products shipments via its vast pipeline network.
Source: Reuters