Oil exports from Russia to non-CIS countries in 2020 collapsed to a minimum in the last 16 years due to the OPEC + deal and the coronavirus pandemic. This is stated in the message of the international price agency Argus, which came to Lenta.ru.
Raw materials shipments decreased by 540 thousand barrels per day compared to 2019 and amounted to 3.89 million barrels. This is the minimum since 2004, when supplies amounted to 3.76 million barrels. According to the agency, the easing of restrictions under the OPEC + agreement in 2021 will allow to increase the pumping of raw materials at Russian refineries.
Earlier it was reported that revenues from oil exports from Russia in January-November 2020 fell by 40.9 percent compared to the same period in 2019 and amounted to $ 66.391 billion.
OPEC and non-member countries signed a new deal to cut production in spring 2020. The parties agreed to cut production by 9.7 million barrels per day. Since August, OPEC has eased restrictions to 7.7 million, and in January agreed to cut by 7.2 million. While the alliance makes decisions on further production on a monthly basis, based on the market situation. In early January, it was decided that only Russia and Kazakhstan would increase production. The overall cut will soften to 7.125 million bpd in February and 7.05 million in March.