Breaking News: Russia to CUT TOO
It plans cut exprots by 500 kbd in August
“Shortly after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August.
The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million bpd.”
Source: Reuters
Please note that this is EXPORTS, not production. It is something that can be verified as the Saudis demand.
A few questions:
1. Russia will cut export, but not production. This means the oil need to be stored somewhere. Fill up onshore tanks ? then floating storage ?
2. Read somewhere on Twitter that Russia can´t shut-in the oil wells in a proper way. There will be severe damage to the wells, and most likely the wells will be lost. Anybody familiar with this ?