Despite Western sanctions over the war of aggression against Ukraine, Russia exported 8.1 million barrels of oil a day in March. The main buyers were China and India.
Russia plans to cut its oil exports by another 300,000 barrels (159 liters) a day in September. This was announced by Deputy Prime Minister Alexander Novak, who is responsible for the energy sector, on Wednesday in Moscow. Daily exports had already been reduced by 500,000 barrels a day in August, he said, according to the Interfax agency. Moscow is talking to other oil-producing countries about reducing the quantity in October as well.
Despite Western sanctions over the war of aggression against Ukraine, Russia exported 8.1 million barrels of oil a day in March. According to the International Energy Agency (IEA) in Paris, it was the highest level since April 2020. However, Moscow’s revenues fell because Western countries hardly bought Russian oil anymore. The main buyers were China and India. The group of seven leading industrialized countries (G7) is also trying to enforce a price cap for oil from Russia worldwide.
At the same time, Nowak announced that the government wanted to achieve more stability on the domestic oil and fuel market by controlling so-called gray exports. What is meant is the export of oil and oil products that are bought on the Russian domestic market and that have state subsidies.
Because these quantities are not available domestically, prices on the oil exchanges and at gas stations rose sharply at the end of July. Some regions complained that not enough petrol was being delivered. “We are increasing the mandatory delivery quantities to the stock exchanges,” said Nowak. In principle, there is enough oil. Nevertheless, it is necessary to stabilize the market until the end of the agricultural season.