Bloomberg: Russia’s oil supplies fell 1.24 million barrels a day for the first time since December
Oil export from Russia in the week of April 1-7 fell 1.24 million barrels per day. Bloomberg Remarksthat the volume of fuel supply by sea fell below three million barrels per day for the first time in two months.
The agency points out that during the week of March 25-31, exports reached extremely high levels, but the less volatile four-week average declined. However, supplies have dwindled, confirming Russia’s announcement of a 500,000 bpd production cut from March, writes Bloomberg.
At the same time, the drop in maritime exports may be due to unfavorable weather conditions, due to which the ports were closed. On average, in the four weeks to April 7, Russia cut supplies by 108,000 barrels per day and shipped 3.3 million barrels per day by sea.
Russia’s decision to cut oil production became known February 10. Deputy Prime Minister of the country Alexander Novak indicated that in March the country would reduce its fuel production by 500,000 barrels per day, and added that Moscow will not sell fuel to those who directly or indirectly adhere to price cap principles. March 21 Russia extended the measure is valid until June this year.
Earlier in Ministry of Finance of Russia calculated that in the first quarter of 2023, fiscal non-oil and gas revenue fell by 4%, to 4,042 billion rubles, and oil and gas, by 45%, to 1,635 billion. The main reason for the decline in oil and gas revenues called a sharp drop in the prices of the Urals, the main Russian oil export.