Russian oil and fuel exports will decrease by more than 300 thousand barrels per day

The Russian Ministry of Energy reported that exports of oil and oil products will decrease by more than 300 thousand barrels per day in November compared to the average for the May-June period.

The statement from the Russian Ministry of Energy highlighted that Russia continues to participate fully in the voluntary measures taken by the OPEC+ group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries.

The statement stated that Russia continues to reduce the supply of oil and oil products to stabilize the global oil market and said: “According to our estimates, our exports of oil and oil products will decrease by more than 300 thousand barrels per day in November, compared to the average for the May-June period.” The statement was included.

The statement said supplies to the domestic market of oil and petroleum products, including storage, increased.

Russia reduced its oil production by 500 thousand barrels per day in April and its oil exports by 300 thousand barrels per day in August.