Rosneft exports may decrease in March

Russia may reduce oil exports from its western ports in March. The decrease in exports occurs against the background of a reduction in oil production.

Oil exports from russia’s western ports may drop significantly in March compared to February. Thus, by reducing the supply, russian federation is trying to raise the price of its oil, Reuters reports with reference to its own sources.

It is noted that the reduction of exports in the ports of Primorsk and Ust-Luga on the Baltic Sea and Novorossiysk on the Black Sea will amount to a quarter of the February volume – that is, as many as 625,000 barrels per day.

Earlier, the Russians announced plans to reduce oil production in March by 500,000 barrels per day. This amount is 5% of the production of russian federation or 0.5% of world production. Russian officials said the “voluntary production cut” would last for one month.

The US Treasury believes that russia’s decision to cut oil production reflects its inability to sell all its raw materials.