Page 98 - RusRPTNov22

9.1.1b Oil sector news
OPEC+ will reduce oil production by 2mn barrels per day. Representatives of the OPEC organisation and other oil countries, led by Russia, agreed at a meeting in Vienna to reduce oil production by 2mn barrels per day. It is expected that the decision of OPEC+ will stimulate the growth of oil prices, which have fallen from $120 to $90 per barrel in the past three months. According to Reuters, the reduction in production will provoke retaliatory measures by the USA and the other G7 countries, limiting Russia's income from the sale of oil to finance the war against Ukraine. In addition, Washington may decide to release additional supply from its oil reserves. Earlier this week, Joe Biden's administration tried to convince Kuwait, Saudi Arabia, and the UAE to vote against cutting oil production at the OPEC+ meeting.
Pakistan's Finance Minister Muhammad Ishaq Dar said that the country was ready to buy Russian fuel at the prices set for India, The News reported on October 19. The official also said during an official visit to the U.S. that he hoped for the absence of objections from the West due to Pakistan’s financial issues after recent floods.
Russia bounced back to become India's second-largest crude oil supplier in September. Indian refiners returned to the market after completing maintenance of their facilities and diversified purchases of Russian grades, according to data from three European commodity analytics firms.
Russia will continue supplying oil to Europe via pipelines for consumers interested in it, Deputy Prime Minister Alexander Novak said at the Russian Energy Week. "There is no embargo for the pipeline transport at present. We will continue [oil] deliveries to consumers interested in that," Novak said. Russia will diversify its oil export in response to European Union’s decisions to set embargo on seaborne deliveries of Russian oil, he added.
The Druzhba oil pipeline linking Russia and Germany has been partly shut after a leak was discovered in Poland, the Polish PERN operator said on October 12. "The cause of the incident is not known for the moment. Pumping in the affected line was immediately stopped. Line 2 of the pipeline is functioning normally," PERN said. The leak was detected late the day before near the village of Zurawice about 180 kilometres to the west of Warsaw in central Poland.
Serbia and Hungary agreed on an oil pipeline to carry Russian oil. Serbian President Aleksandar Vucic and Hungarian Prime Minister Viktor Orban have agreed to build an oil pipeline to deliver Russian oil to Serbian refineries via the Druzhba pipeline, reports Kommersant.
Serbia is set to lose current imports of Russian oil via the Croatian port of
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