Russia plans to cut oil exports from western ports next month by about 100,000 to 200,000 barrels a day compared to July, as Moscow follows through on its promise along with OPEC leader Saudi Arabia.
About it writes Reuters.
The publication, citing three sources familiar with the matter, notes that Russia has instructed oil companies to cut supply plans for next month.
The August cuts will deepen the decline in exports between May and July, which is already at 500,000 bpd, according to trade sources and data from Refinitiv Eikon.
Members of the OPEC+ oil exporters organization have been cutting supplies since November to support prices. This month, the Russian Federation promised to cut exports by 500,000 bpd in August, while Saudi Arabia continued to cut production by 1 million bpd.
“July oil loads from western ports such as Primorsk and Ust-Luga in the Baltic Sea and Novorossiysk in the Black Sea will fall to 1.9 million bpd this month, compared to 2.3 million bpd in June and 2 .4 million barrels per day in May,” the statement said.
The representative of the Deputy Prime Minister of the Russian Federation Alexander Novak, who is in charge of Moscow’s relations with OPEC +, said that Russian companies themselves will decide whether to reduce oil production in August, but Russia’s task is to reduce supplies to world markets.
Recall:
Oil prices rose on Tuesday, July 11, having won back part of the previous session’s loss as traders focused on cuts in supplies from the world’s biggest oil exporters Saudi Arabia and Russia, as well as a weakening dollar.
economic truth.
2023-07-15 10:44:35
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