Russia's Oil and Gasoline Export Moves: Balancing Quotas and Market Dynamics
Russia aims to fully compensate for exceeding its OPEC+ oil production quota by August and September. The government is also considering a complete gasoline export ban. Russia, along with Kazakhstan and Iraq, has been producing above quotas, which has upset some OPEC+ members, particularly Saudi Arabia. The decision on the gasoline export ban depends on upcoming market prices.
In a strategic move, Russia plans to compensate for its excess oil production by August and September, aligning with OPEC+ allocations, Deputy Prime Minister Alexander Novak revealed, according to Interfax news agency on Friday.
Novak also mentioned ongoing government deliberations regarding a potential complete gasoline export ban, contingent on market pricing trends in the forthcoming days. This follows Russia's overproduction tally of 691,000 barrels per day since April.
Amidst tensions, as Russia, along with Kazakhstan and Iraq, exceeds production quotas, some recent OPEC+ adjustments have stirred discontent among member nations like Saudi Arabia. Meanwhile, Russia's increased gasoline exports have spotlighted significant shifts in fuel trade dynamics, particularly impacting main importers such as Egypt and Turkey.
(With inputs from agencies.)
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