Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday.
from oil and gas fell 46% in January to their lowest level since August 2020 under the impact of Western sanctions on its most lucrative export, according to finance ministry data.
It is unclear whether Russia will shut in crude because of the logistical difficulties of placing crude at the cap, or if the production cut lasts, Michael Cohen, BP’sColin Parfitt, vice president of midstream for Chevron Corp Russia is still selling discounted barrels of crude to purchasers including China and India. Purchasing those Russian barrels is "extremely lucrative" for a large part of the world, said Mercuria President Daniel Jaeggi at the conference.
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