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Novak: Russia in September will reduce oil exports by 300 thousand barrels per day KXan 36 Daily News

Date: July 19, 2024 Time: 02:06:13

“As part of efforts to balance the market, Russia will continue to voluntarily cut supplies to oil markets in September, now at 300,000 barrels per day, by cutting exports by the designated amount,” the deputy prime minister said.

Russia began voluntarily cutting overseas oil supplies in August by 500,000 bpd. Likewise, since March of this year, our country has been reducing oil production by 500,000 barrels per day. Later, other OPEC+ countries joined us.

The total decline in production is now about 1.6 million barrels per day. Experts believe that our reduction in exports reduces oil production in the country beyond the announced reduction, so the total reduction in production by OPEC+ countries can be estimated at about 2 million barrels. diaries.

As a result of cuts in oil production by OPEC+ countries, including Russia, prices for benchmark Brent oil rose above $80 per barrel, and Russian Urals oil, the price of which used to calculate taxes, rose above $60, the maximum price that was introduced. in relation to Russian oil from EU countries and the USA.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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