Russia plans deep March oil export cuts

Reuters exclusively reported that Russia plans to cut oil exports from its western ports by up to 25% in March versus February, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said. Russia had already announced plans to cut its oil production by 500,000 barrels per day in March, amounting to 5% of its output or 0.5% of global production. U.S. treasury officials have said the Russian decision to cut oil production reflects its inability to sell all its oil. Russia normally exports up to 10 million tonnes a month or 2.5 million bpd of Urals crude from Primorsk, Ust-Luga and Novorossiisk and a cut of 25% would represent as much as 625,000 bpd if confirmed by Transneft and agreed by oil companies.

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