IEA reported on the growth of exports of oil and oil products from Russia
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Russia in November increased the export of oil and petroleum products to 8.1 million barrels per day (b / d) – the maximum value since April, transmits Reuters, citing a report from the International Energy Agency (IEA).
According to the agency’s calculations, Russia’s export revenues fell by $0.7 billion and amounted to $15.8 billion in November. The agency cites lower prices and an increase in the discount for Russian oil as the reason for the decline.
Oil exports remained virtually unchanged at about 5 million b/d, despite a decline in oil supplies to the EU by 430,000 b/d to 1.1 million b/d. According to experts, Russia will have to reduce oil production next year by 1.4 million barrels per day. At the same time, the forecast for global oil demand next year has been increased against the backdrop of anti-COVID restrictions in China and strong demand in other regions of the world.
On December 3, the EU countries agreed on a price ceiling for Russian oil in the amount of $60 per barrel, the restriction came into force on December 5. In addition to the EU countries, the G7 countries, Norway and Australia also joined the price ceiling.
Russian authorities have repeatedly said that Moscow will not supply fuel to countries that set a price cap or join the cap. The Kremlin said that they do not accept the introduction of restrictions. As Vedomosti wrote earlier, the authorities have formulated a response to the price ceiling for Russian oil.
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