A higher global oil price will help Russia pay for its war
The Kremlin tries new tactics to keep proceeds afloat
The bonanza could not last for ever. After reaching record volumes in recent months, despite Western embargoes, dwindling production and the risks of navigating the Black Sea, Russia’s crude shipments fell to 3m barrels a day (b/d) in August, some 800,000 lower than the April-May average and below pre-war levels. They are likely to remain sub-par. On September 5th Russia said it would extend a “voluntary” 300,000 b/d cut first announced for August to the end of 2023 (the baseline for this reduction is unclear).
This article appeared in the Finance & economics section of the print edition under the headline “Crude sophistication”
Finance & economics September 9th 2023
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