the Export of Russian oil grade Urals in July 2020 will be reduced by 40 percent compared with June under the agreement, OPEC+. This writes Bloomberg with reference to the documents leaked to the disposal of the Agency.
As it became known to journalists, in July, shipments of the Russian raw materials from the ports of Primorsk and Ust-Luga in the Baltic sea and the port of Novorossiysk in the Black sea will reach 785 thousand barrels per day. This is the lowest level of exports for the ports listed in the history.
the strongest reduction in exports would affect the port of Primorsk, which in July will be shipped only 307 thousand barrels per day (less than one third of the level of exports, which was a year ago). In second place for the reduction was the port of Ust-Luga, which in July will be shipped by 284 thousand barrels per day. Third went to Novorossiysk, from where exports will be reduced to 200 thousand barrels per day.
Russia in the framework of OPEC+ have made commitments with other parties to the transaction to cut oil production to 9.7 million barrels per day in may-June 2020. Later the cartel and not its member States agreed to prolong the current level of reductions for another month, until the end of July. Prior to this agreement it was stated that from 1 July the limit will be 7.7 million barrels per day.