Russia will slash oil exports 25% to try and push up crude prices for the west, report says
Russia is planning to make hefty cuts to its crude exports in order to push oil prices up for the west, Reuters reported this week.
Three people in the Russian oil trade said the nation could slash shipments from its Western export hubs as much as 25% by March,originally reported on Wednesday. One source said the state-operated oil pipeline Transneft already told two businesses they would be given 20%-25% fewer shipments in March than it had originally requested from Russia's Western ports.
The export cut is expected to take even more supply away from Western oil customers, with Russia already planning to cut 5% of its oil production, or 500,000 barrels a day, starting in March. "The export cuts appear to be deeper than the planned production cuts. It might help bump up the price for Russian oil," the source added.
The moves are in apparent retaliation to sanctions, particularly the European Union's ban and $60 price cap on Russian oil, which have severely crimped Moscow's war revenue since taking effect late last year.
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