According to Deputy Prime Minister Alexander Novak on Wednesday, Russia’s daily crude oil production has been consistent with January production of between 9.8 million and 9.9 million barrels per day (bpd).
In addition, Novak also assured reporters that in early March. Moscow would devise countermeasures to the ban the EU imposed on Russian oil products last week. He claimed on Wednesday that the actions taken by the European Union. In order to increase what he called “waivers” from his price restrictions on petroleum products, he demonstrated the continuing need for Russian oil. Consumers in Europe, according to Novak, could not survive without Russian oil products.
european reaction
In December, Western nations banned the import of seaborne Russian oil. And it set a price restriction of $60 a barrel, still higher than the price of Russia’s flagship Ural crude blend at the time. Brent oil futures rose more than 1% to more than $85 a barrel. Continuing its bullish trend for the third session due to expectations of a rebound in demand.
According to the most recent API report, US crude stocks fell 2.18 million barrels last week. Contrary to expectations of an increase of 2.15 million barrels. In addition, Saudi Arabia, the world’s leading producer. Rising crude oil prices for Asian markets for the first time in six months as the latest indication that demand may be poised to pick up. This is in response to the likelihood of increased imports from China.
After Federal Reserve Chairman Jerome Powell made less aggressive comments than markets had anticipated, risk assets gained more support as optimism grew about the US economy’s potential to escape a recession. . The unexpected closure of a major oil field in Norway and the suspension of operations at a critical oil port in Turkey as a result of the recent earthquake added to the upbeat sentiment on the supply side.
A fire breaks out at a Russian oil plant near the border with Ukraine
On Wednesday, a fire started at an oil refinery in Russia’s southern Rostov region, near the border with Ukraine, and was later put out, according to state media reports citing the emergency ministry.
The small refinery was owned by a company called Resource LLC. According to a report by the Interfax news agency. The fire started in an area of about 100 square meters and was extinguished approximately one hour later. The fire was started by a “violation of the technological process”. The emergency service was quoted as saying.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
