http://today.reuters.com/news/articlenews.aspx?type=worldNews&storyid=2006-04-24T072003Z_01_L24750869_RTRUKOC_0_US-ENERGY-RUSSIA-EUROPE.xmlMOSCOW (Reuters) - Russia's planned oil pipeline to Asia will help cut deliveries to Europe, which is currently being oversupplied with Russian crude, the head of Russia's pipeline monopoly Transneft told a newspaper.
"We have overfed Europe with crude. And every single economic manual says that excessive supplies depress prices," Semyon Vainshtok told the daily Nezavisimaya Gazeta in an interview published on Monday.
"So far we cannot reduce supplies as all our exports are going to Europe. But as soon as we divert (flows) to China, South Korea, Australia, Japan it will immediately take away crude from our European colleagues," he added.
Vainshtok has repeatedly said that building a pipeline to Asia would help diversify Russian oil flows and cut discounts on the country's mainstay Urals crude blend in European markets.
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