Russia’s oil production averaged 9.173 million bpd in August, compared to the 9.259 million bpd ceiling in the OPEC+ deal, which also takes into account Moscow’s compensation for previous overproduction.
“We are aligned on the need to act together and believe that now is the time for a significant coordinated escalation of measures to bolster Ukraine’s resilience and critically impair Russia’s ability to wage war against Ukraine,” the statement said.
Russia’s liquefied natural gas cargoes could be redirected to Turkey and Asia if the European Union makes a plan to ban Russian LNG official, Patrick Pouyanne, the chief executive of French oil and gas supermajor TotalEnergies, says.
Hungary imports about 5 million tons of crude oil from Russia annually via its state energy company MOL. It is one of two direct buyers of Russian crude in the EU. President Trump earlier this month called on the EU to step up pressure on Moscow by shunning any and all hydrocarbon imports, including LNG.
In Europe, Hungary and Slovakia have been the most vocal opponents of any further squeeze on Russian oil imports. The two Central European NATO members argue such a squeeze would compromise their energy security.
President Trump reportedly called on the European Union to impose 100% tariffs on China and India if it wanted the United States to step up its own sanction pressure on Russia, as Brussels discusses its 19th package of sanctions against Moscow.
The signing of the Power of Siberia 2 pipeline deal by the presidents of Russia and China was perhaps the biggest news to come out of the two leaders’ meeting earlier this month. It was also the deal that may very well make the new global natural gas flow order permanent, potentially interfering with President Trump’s energy dominance ambitions.
Ukrainian President Volodymyr Zelenskiy vowed on Sunday to retaliate by ordering more strikes deep inside Russia after Russian drone attacks on power facilities in northern and southern Ukraine. Both countries have intensified airstrikes in recent weeks, targeting energy infrastructure and disrupting Russian oil exports.
Oil traders are focused on New Delhi’s buying after Washington doubled tariffs on many Indian imports to 50 percent to try to end the war in Ukraine. As part of the drive – which has not been matched by similar US action against China, another big importer – Treasury Secretary Scott Bessent accused the country’s wealthiest families of profiteering, and Navarro said the nation was fueling “the Russian war machine” and “nothing but a laundromat” for the Kremlin.
Russia and India are looking for ways to continue trading oil, and Russia has offered what it calls a special mechanism to the India side to ensure this—despite U.S. President Trump’s threat to impose an additional tariff of 25% on Indian exports if the country keeps buying Russian oil.