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Russia To Cut Oil Exports By 2.1mn Tons in Q3: Ministry

OIL

Russia is planning to cut oil exports by a total of 2.1mn tons in the third quarter, in line with its pledged 500kbpd export cuts for August according to the Energy Ministry.

  • Russia is planning to reduce exports from its key western ports — Novorossiysk in the Black Sea and Primorsk and Ust-Luga in the Baltic — as well as pipeline flows, the ministry said.
  • Deputy PM Alexander Novak said earlier total seaborne and pipeline oil exports are estimated at 4.1mbpd in August.
  • Russia’s target for August crude output is set at 9.449mbpd, based on the revised February production baseline of 9.949mbpd, Novak said earlier this month.
Energy BulletsCommodities
Energy BulletsCommodities

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