World News
Russia Cuts Crude Output
Friday February 10, 2023
Russia is set to cut its crude oil production by about 5% next month.
Russian oil output will be cut by 500,000 b/d, or about 5%, in March, news agency Reuters cited Deputy Prime Minister Alexander Novak as saying on Friday.
Russia has faced growing restrictions on its oil exports since it invaded Ukraine in February 2022. The European Union banned seaborne crude imports from Russia on December 5 and refined product imports on February 5, and a range of Western countries have sought to impose a price cap on Russian oil cargoes worldwide.
ICE April Brent crude futures jumped on Friday's news, trading up by $2.11/bl at $86.61/bl as of 8:54 AM in London.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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