« Russia to voluntarily cut production by 500,000 barrels per day in March “, or about 5% of its daily production, said Alexander Novak, the Russian Deputy Prime Minister in charge of Energy, quoted by Russian press agencies.
With this 5% reduction in its daily production, Russia is responding to the sanctions against its crude oil and its petroleum products. Until the entry into force of the new sanctions, Russia managed to compensate for the loss of its sales to the West by exports to Asia, in particular to China and India.
But the latest sanctions that came into force concern refined products, products that were mainly purchased in Europe.
However, Russia could not console itself with a rise in the price of black gold. With the threat of a global recession hovering, crude oil prices have not taken off, they are even moving below their pre-war level.
This Friday, they still took a boost. The other members of OPEC+ should indeed not compensate for the drop in production decided by Russia. Decided or perhaps constrained. An analyst believes that the market is forcing the hand of Russia, which is struggling to find buyers.
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