Russian oil exports fell by about 5 million metric tonnes (mt) in 2018 due to factors including the OPEC+ agreement to decrease production, according to Nikolay Tokarev, president of the Russian oil pipeline company Transneft. Nevertheless, the value of the country’s oil exports between January and October 2018 grew 38.6% YoY, reaching $106.59bn, while volume fell by 0.1%, totalling 213.471 million mt. The decline was mainly caused by a drop in crude shipments from Nigeria, which decreased by almost 1 million tonnes, followed by an increase in imports from Russia (up by 1.1m, or 4.5%), Nigeria (1.@@
Russian oil exports fell by about 5 million metric tonnes (mt) in 2018 due to factors including the OPEC+ agreement to decrease production, according to Nikolay Tokarev, president of the Russian oil pipeline company Transneft. Nevertheless, the value of the country’s oil exports between January and October 2018 grew 38.6% YoY, reaching $106.59bn, while volume fell by 0.1%, totalling 213.471 million mt. Russia and other non-OPEC countries forming OPEC+ will resume reducing oil production from January at 1.2 million bpd.