In early February, Russia threatened to cut its oil production by 500,000 barrels a day. Six weeks later, this threat has had little effect.
Why is this important?
Russia exported large amounts of oil to Europe before the war in Ukraine. However, since the entry into force in December of a European embargo on Russian offshore crude, followed in February by an embargo on petroleum products such as diesel and a price cap by the G7 , the Kremlin has lost an essential outlet. For this reason, he said he was forced to reduce production, which would have disturbed the world market, but so far this has not been noticeable.In the news : Russian crude oil exports show little sign of slowing despite announced production cuts, analysis by Bloomberg.
- Russia exported regarding 3.11 million barrels of oil a day last week. This is the sixth week in a row that the country has exported more than 3 million barrels. However, a slight drop of 123,000 barrels might be recorded last week.
- The pro discount
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