Russia to reduce oil shipments from Western ports in August – Kommersant

Oil shipments from Russian ports in the west of the country may fall by 100,200 thousand barrels per day (b / d) in August against July on the back of a promise to reduce exports by 500 thousand b / d. This was reported Reuters with reference to sources.

According to Reuters, officials in charge of the oil and gas industry this week held a meeting with top managers of Russian oil companies, at which they asked to reduce oil exports in August.

According to two Reuters sources, oil exports from the ports of Primorsk, Ust-Luga and Novorossiysk will slightly decrease in August, by 510% compared to July.

In June Russia took commitments to cut oil production – its formal quota will be reduced by 650,000 bpd to 9.8 million bpd, and a voluntary cut of 500,000 bpd will remain in addition. In July, Russian Deputy Prime Minister Alexander Novak announcedthat Russia will voluntarily reduce oil exports by 500,000 barrels per day in August.

By data According to the International Energy Agency, in June, the export of oil and oil products from Russia decreased by 600 thousand barrels per day compared to May, to 7.3 million. This is the lowest figure since March 2021. Estimated export earnings almost halved year-on-year to $11.8 billion.

More details – in the material “Kommersant” “Oil supply is declining following demand”.

Olesya Pavlenko