MOSCOW, Jan 5 (Reuters) - Russian oil exports with transit volumes from neighbouring Kazakhstan and Azerbaijan fell 220,000 barrels per day (bpd) to 2.98 million bpd in December after severe storms hit its main ports, an energy ministry source said. The world's second-largest oil exporter was forced in December to curb its unprecedented output growth as a result of limited export capacities. Oil production fell to 7.95 million bpd from 8.0 million bpd in November. However, oil output in all of 2002 hit a 10-year high of 7.62 million bpd, up from 7.0 million bpd in 2001, while oil exports through the state-owned Transneft pipeline system reached an all-time high of 3.14 million bpd compared with 3.01 million bpd in 2001. Oil traders said Russia's main Black Sea export outlet of Novorossiisk was largely responsible for the export drop in December. It was shut for 19 days due to storms and loaded only 720,000 bpd instead of a scheduled 925,000 bpd. Traders said they expected export volumes to remain traditionally weak in January and February of 2003 and added that the threat of a domestic oil glut would keep pushing oil firms to curb output. "I don't expect oil production to slide significantly but cutting the output by 50,000 bpd in December is already a major setback for Russian oil majors, which are planning on double-digit output growth this year", said a senior Moscow-based Western oil trader. December export levels of 2.98 million bpd include transit volumes, mainly from Kazakhstan and Azerbaijan, which declined to 366,000 bpd from 393,000 bpd in November. Russian-only crude exports via the state pipeline monopoly Transneft stood at 2.52 million bpd in December, down from 2.70 million in November. Deliveries bypassing Transneft, mostly by rail and small ports, also fell to 95,000 bpd from 103,000 bpd. Traders estimate volume leaving the country by rail and small ports at 600,000 bpd and put real volume of crude oil exported from and via Russia at above 4.0 million bpd.
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