Novak announced the announcement of the reduction of oil supplies to foreign markets
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Russia and OPEC+ have agreed to reduce Russian oil supplies to foreign markets, the main parameters of the agreement will be announced next week, Russian Deputy Prime Minister Alexander Novak said.
“Agreed. We will publicly announce the main parameters next week,” the Deputy Prime Minister said at a meeting with President Vladimir Putin (quote according to RIA Novosti).
July 3 Novak declaredthat Russia will voluntarily cut its oil exports by 500,000 barrels a day in August. The office of the Deputy Prime Minister explained to journalists that supplies abroad would be reduced due to an additional reduction in production in Russia. In early August, Novak informed on the extension of the reduction in oil exports to September, but up to 300,000 barrels per day.
How declared Ekaterina Krylova, Managing Expert of the PSB Analytics and Expertise Center, in an interview with Vedomosti, commenting on the August reduction, the continued decline in oil supplies from Russia and the emerging shortage of raw materials in the world will contribute to further growth in quotations. According to her estimates, Brent may consolidate at $85-90/bbl in August, and by the end of the year, quotes will drop to $80-85.
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