oil supplies from Russia fell sharply for the first time after the announcement of a reduction in production – Kommersant

The average level of offshore deliveries of Russian oil for the week from July 3 to 9 amounted to 2.86 million barrels per day. This is more than 1 million bpd less than the previous week. Bloomberg with reference to collected ship tracking data. The agency notes that the volume of oil supplies from the Russian Federation for the first time fell below the February level.

According to Bloomberg, the decline in oil flows from Russia has most affected the volume of supplies to Asia. In addition, the reduction in oil flows caused a decrease in Russia’s revenues from export duties, the agency notes.

For the first time this year, Russia announced that it would cut production by 500,000 bpd in February. After that, Bloomberg repeatedly published reports on offshore deliveries of Russian oil and did not record a significant decrease in indicators.

In June Russia took commitments to significantly cut oil production – its formal quota will be reduced by 650,000 bpd to 9.8 million bpd, and beyond that, a voluntary cut of 500,000 bpd will remain. In July, Russian Deputy Prime Minister Alexander Novak announcedthat Russia will voluntarily reduce oil exports by 500,000 barrels per day in August. A day after this statement, the Ministry of Energy of Saudi Arabia reportedthat Russia voluntarily reduced oil exports by 500,000 barrels per day.

Read more in the publication “Kommersant” “Quot a new twist”.

Erdni Kagaltynov