.

NEWS AND VIEWS THAT IMPACT LIMITED CONSTITUTIONAL GOVERNMENT

"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Thursday, November 10, 2022

Russia Reduces Oil Production - Drives Prices Up




Russia takes its oil and goes home

New best buddies Russia and Saudi Arabia both scream "Fuck You" and reduce oil production forcing prices up.

Basically both countries say "try heating your homes this winter without gas and oil."



Russia’s oil production could drop to as low as 9 million barrels per day (bpd) in December when the EU embargo on imports of Russian crude oil enters into force, Russian news agency TASS reported on Wednesday, citing analysts at the Energy Development Center. “We expect that production in December will fall by 1.5-1.7 mln barrels per day compared to the June-October average, or 14%,” according to a report from the Energy Development Center cited by TASS.

The expected sharp drop in Russia’s oil production will lead to a spike in international oil prices, also considering that the OPEC+ group is reducing the target production as of November, the experts said.  



Russia’s oil production, excluding condensate, for October came in well below its production quota for the month, at just 9.9 million bpd, Russian Deputy Prime Minister Alexander Novak said earlier this month.

Russia’s October production was 1.1 million bpd below its quota of 11 million bpd assigned under the OPEC+ agreement, but mostly in line with Novak’s estimates made last month. 

For November, Russia’s oil production quota under the OPEC+ pact will drop from 11 million bpd to 10.5 million bpd.

In October, Russian oil production, including condensate, was 1.47 million tons of oil per day, or 10.78 million bpd. The October production was slightly down from the 10.8 million bpd reported for September 

Zerohedge.com


No comments: