Key Insights
- Russia will reduce oil exports by 300,000 barrels per day in September to the level of June, when it did not voluntarily reduce supplies to world markets.
- Earlier in August, Russian oil supplies were cut by 500,000 barrels per day.
In September, Russia will reduce oil exports by 300,000 barrels per day compared to June levels, Interfax reports, citing Deputy Prime Minister Alexander Novak.
Novak recalled that Russia has been reducing exports since July, so the base of the reduction is counted from the June level. Speaking about whether there will be an increase in supplies in September by August, the Deputy Prime Minister noted that Russia is ensuring a reduction “relative to those previous months.”
According to Novak, in August Russia fulfilled its obligations to reduce oil production.
Read also: Brent oil price today exceeded $86 per barrel
For the first time, Russia announced a reduction in oil exports to the world market in July – since August 1, exports have decreased by 500,000 barrels per day. In early August, Novak announced plans to cut September oil supplies by 300,000 bpd.
The average price of Urals oil from July 15 to August 14 was $70.33 per barrel, the Ministry of Finance reported. This is almost $10 above the price ceiling that the G7 countries and the EU have set for Russian oil.
The International Energy Agency estimated Russia’s revenues from the export of oil and petroleum products in July at $15.3 billion, which is the maximum for the previous months of 2023.
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[…] by 500,000 barrels per day from August 1. Later, Deputy Prime Minister Alexander Novak announced plans to reduce oil supplies in September by 300,000 barrels per day to June levels. Last week, Novak reported that Russia and other OPEC+ countries had reached new […]