Russia reduces oil exports, keeping its promise to OPEC+

Ukrainska Pravda
·1 min read
Photo: Getty Images
Photo: Getty Images

Russia has fulfilled its obligations to reduce oil supplies abroad.

Source: Bloomberg

Details: Moscow, in coordination with the Organisation of the Petroleum Exporting Countries (OPEC+) and its allies, has promised to deepen the reduction in oil exports to 500,000 barrels per day this quarter compared to the average in May-June. This includes limiting daily crude oil exports by 300,000 barrels and refined products by 200,000 barrels.

By reducing oil exports, OPEC aims to raise prices.

Background: Oil production in non-OPEC+ countries, particularly in the US, may grow faster than global demand, leading to a decline in oil prices in 2024.

In December 2023, Angola withdrew from OPEC following Russia's initiative to cut oil production.

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