Russia may be pumping oil at close or above post-Soviet high levels, but because of transportation constraints, it can’t significantly increase its oil supply to Asia, where the loss of Iranian oil exports is already being felt, Russian deputy energy minister Pavel Sorokin told S&P Global Platts on Monday. Russia’s infrastructure for sending crude oil to its premium Asian market is maxed out, Sorokin told Platts in an interview, but noted that Russia could be seeking to supply more of its Urals crude to Europe to fill in the Iranian supply gap that is opening there. Yet, Russia will be looking to supply markets where the economics are the most attractive, Sorokin said. One market where Russia can’t meaningfully increase supply to (and market share) is Asia, with eastbound oil infrastructure used at its full capacity. “We have been supplying as much as we can to Asia, as this […]