Rising Oil Production in September will Pose a Dilemma for Oil Workers
In September, oil workers will be forced to choose: continue to reduce oil exports or reduce production.
Since the beginning of September, Russia has been increasing oil exports by sea. According to the Kommersant newspaper, in the first days of this month, sea exports amounted to 3.3 million bpd. These figures are higher than July and August, but still lower than June. As reported, Russia continues to voluntarily reduce supplies of black gold to world markets – this is due to changes in the Transneft export schedule.
The publication notes that Russian oil companies endured the summer decline in exports without problems. During this period, there was a peak demand for fuel in the country, so a significant part of the oil was used for refining. But the autumn plant repairs will change the situation; oil workers will be forced to choose: increase exports or reduce production of black gold. And so far, domestic statistics indicate a decrease in processing volumes in the first week of September.
Let us recall that since September, the voluntary reduction in Russian exports has decreased from 500 thousand b/d to 300 thousand b/d.
