Russia to slash oil exports to curb rising domestic fuel prices – report ...News

The world’s second-biggest oil exporter, Russia, is planning to cut overseas shipments of its seaborne crude from the country’s western ports next month, to curb a record surge in domestic fuel prices. The exports of Urals crude from Russia’s western ports will be slashed by up to 20 percent in February, Bloomberg reports, citing the loading program. Russia will reportedly ship around 1.13 million barrels of oil per day (bpd) against 1.38 million bpd recorded in January. Sources close to the matter told the media that the crude would be diverted into refineries in Russia to raise domestic supplies, as the country attempts to gain contr

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