Russia Says Oil Products Are Included In Its 300,000-Bpd Export Cut Pledge

Russia’s commitment to reduce its oil exports by 300,000 barrels per day (bpd) includes oil products, Russian Deputy Prime Minister Alexander Novak said on Thursday in remarks that sowed further confusion about how much oil supply Russia is really withholding from the market. Russia has pledged to reduce its oil exports by 300,000 bpd until the end of 2023, in a show of solidarity with its OPEC+ partner Saudi Arabia, which is voluntarily reducing its oil production by 1 million bpd until 2023. While the Saudis essentially stick to their promises,…