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Novak Says Russia Will Raise Seaborne Oil Export Capacity by 2026

RUSSIA
  • Oil export capacity at Russia’s key western and eastern ports will grow by 32m tons per year by 2026, Deputy Prime Minister Novak said in a speech to Russian senators that was cited by Bloomberg. Russia’s oil production this year is seen at 527m tons, down 7m tons compared to 2022, he said, adding that the domestic fuel market has stabilised.
  • The ruble may strengthen further, but any significant deviations of the exchange rate from the current level are unlikely, Maxim Oreshkin, the Kremlin’s aide for the economy said in an interview to local newspaper Moskovsky Komsomolets. He added that the share of the euro and dollar in Russia’s international payments is now about 25%, and that about a third of all imports are paid for in rubles.
  • President Putin takes part in a virtual summit of the Group of 20 leaders while Foreign Minister Lavrov attends a meeting of the Collective Security Treaty Organization in Belarus. PPI data and weekly CPI data is on the docket later this afternoon.
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