Oil in focus as Russia cuts supplies

Crude oil prices rose more than 2% today after Russia announced plans to cut crude production by 500,000 barrels in March. „From today, we will sell all the oil we produce, but as we said before, we will not sell oil to those who directly or indirectly follow the principles of the 'price ceiling,'” Novak said in a statement. consideration, Russia will voluntarily reduce its production by 500,000 barrels per day in March. This will help restore market relations.” The decision came after Europe imposed a ban on Russian oil products in February. This probably means they are having trouble finding destinations for diesel cargo. „We believe that the decision is not completely voluntary … because market factors probably forced Russia to make this decision,” said UBS analyst Giovanni Staunovo. Currently, the cuts are valid only for the month of March, but the development must be closely monitored. Russia is facing severe sanctions over the war in Ukraine, and the cuts could also be a sign that the availability of parts and technology is limited. It may also mean that they want to pressure the world oil market and the countries participating in the Russian oil price ceiling. In any case, it is worth watching carefully, especially since all the signs point to an imminent escalation of the war. The famous oil trader Pierre Andurand talks about the price today around $1 0 oil later in 2023 according to Chinese demand. He warned that this could increase global demand by up to million barrels a day.

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