November 22, 2023 [Reuters]- As the world’s most powerful oil producers ponder further supply cuts, Russia has little incentive for a radical change as its energy revenue is strong, oil prices are higher than its forecasts and its budget deficit is narrowing.
“I don’t see any reasons to change something radically,” a source close to the Russian government said on condition of anonymity about the forthcoming OPEC+ meeting.
President Vladimir Putin says Russia has not simply survived but has prospered despite the West’s imposition of the most stringent sanctions ever imposed on a major economy, including a cap on the price of Russian oil at $60 per barrel.
After a contraction in 2022, Russia’s economy is forecast to grow by around 3% this year, faster than either the United States or the Euro zone, according to Russian forecasts.
Robust global oil prices this year and Moscow’s growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price.
12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data