Russia will cut oil exports by 300,000 barrels a day in September, Russian Deputy Prime Minister Alexander Novak said. Russia also announced it would cut oil production by about 500,000 barrels a day, or about 5 percent of its total oil production, between March and the end of the year.
Russia is the world’s second-biggest oil exporter after Saudi Arabia, which announced an extension of its voluntary cuts in oil production by one million barrels a day until September.
“Russia will cut oil exports by 300,000 barrels a day,” Russian Deputy Prime Minister Alexander Novak said. Earlier, Russia also announced it would cut oil production by about 500,000 barrels a day, or about 5 percent of its total oil production, between March and the end of the year.
Prices up
Oil prices have risen sharply since Russia and Saudi Arabia announced cuts in early July. Brent oil prices have risen from around $76 a barrel to over $83 today.
On the day of Russia’s invasion of Ukraine, February 24, 2022, a barrel of Brent was worth USD 99, and WTI was valued at USD 92.8. At the peak of the increase, oil prices in the US reached USD 130 per barrel, and in Europe they were close to USD 140 per barrel.
photo-source">Main image source: RachenStocker/Shutterstock
2023-08-03 15:12:18
#Russia #severely #cuts #oil #exports
