The OPEC+ group currently doesn’t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told Reuters on Friday.
Oil prices jumped more than 2% on Friday, heading for weekly gains, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s oil and oil products.
Russia logged a nearly 50% drop in oil and gas revenue in January, contributing to a wider budget deficit.
Russia’s budget was $24.7 billion (1.76 trillion rubles) into deficit in January
Before the invasion of Ukraine, India was a small marginal buyer of Russian crude oil
Russian foreign minister head of a large delegation that includes ‘oil and gas companies and investors’, with Iraqi foreign ministry confirming ‘Iraq’s openness to all of its friends’
On Sunday, the European Union enacted its latest embargo against Russia, banning the import of the country’s diesel fuel and other oil products amid their ongoing invasion of Ukraine.
Refining margins in Asia have dropped in recent weeks as China ramped up exports of fuels amid high export quotas assigned to its refiners in recent months.
Russia’s deputy foreign minister Sergei Ryabkov said that “small steps” would be needed for Moscow and the United States to come closer to an agreement on bilateral issues, the RIA news agency reported on Monday.
Oil prices fell on Tuesday as the threat of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.