The world’s largest oil exporting countries continue supply cuts to increase the market price of black gold. Russian Deputy Prime Minister just announced that he will reduce his daily exports by 500,000 barrels in August. Following the news from the North, a similar move came from the Gulf region.
Deputy Prime Minister Aleksandr Novak gave the following words in his statement:
Alexander Novak
“In order to stabilize the oil market, Russia decided in August to voluntarily reduce its oil supply by 500,000 barrels per day.”
Following Russia’s announcement that Saudi Arabia would extend its voluntary production cut of 1 million barrels per day for another month, the price of brent oil rose 1.23% to reach the $76 limit.
Do Sanctions Work?
After Russia’s invasion of Ukraine, the Western world began to impose massive sanctions on the country. However, despite the attitude of Europe, oil exports in the country remain strong.
Russia is the world’s second largest exporter of brent oil after Saudi Arabia. Both Riyadh and Moscow are making great efforts to keep prices high. Giant exporters “economic recession” It is sensitive to the supply control due to its concerns.
The Ministry of Finance announced that the price of crude oil in the country fell to an average of $55.28 per barrel last month. This figure is well below the $87.25 level of 2022 and 2021.
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.