MOSCOW: Russia’s energy ministry said on Friday it expects the country’s exports of crude oil and petroleum products to fall in November by more than 300,000 barrels per day (bpd), compared to the average level in May-June.
The ministry also said that Russia is continuing to participate fully in voluntary efforts by OPEC+, the group of leading oil producers, to stabilise the energy market.
Saudi Arabia and Russia have agreed to continue with voluntary oil supply cuts totalling a combined 1.3 million barrels of oil per day, or more than 1% of global demand, until the end of the year.
Russian Deputy Prime Minister Alexander Novak first mentioned last month that oil products were included in the country’s decision to reduce oil exports by 300,000 bpd.
It is easier for Moscow to cut overall exports of crude oil and fuel after Russia on Sept. 21 announced a ban on fuel exports to tackle domestic shortages and high prices. It lifted the ban on most oil products in October.
“We note that Russia has introduced restrictions on the export of petroleum products, which continue to apply. Shipments of petroleum products to the domestic market are increasing, including for the formation of reserves,” the ministry said in a statement.