Oil companies pledged to increase fuel supplies to the stock exchange by the end of March

Russian oil companies have committed to increase additional fuel supplies to the stock exchange by the end of March. This was reported by the press service of the Federal Antimonopoly Service (FAS) following a meeting of the Exchange Committee.

“In the retail segment, prices are stable. Wholesale (exchange) prices allow gas stations to operate on a break-even basis and prevent their increase directly at gas stations,” the message says (quoted from “Izvestia”).

During the meeting, the issue of transporting oil via pipe bases was also discussed. Now the infrastructure has switched to round-the-clock operation. The Committee discussed the possibility of reducing shipment time and increasing quotas for the sale of fuel to pipeline infrastructure through Transneft supplies. Further improvement of the pipe infrastructure will be discussed on March 19 at a meeting at the FAS.

March 12, Russian President Vladimir Putin statedthat Russia risks losing its share in the oil market due to a reduction in oil production, while other countries are only increasing oil production. Before this, Deputy Prime Minister Aleksandr Novak reported about plans to reduce oil production by another 471 thousand bpd in the second quarter of 2024 as part of the OPEC+ agreements.

Read more about the situation with oil production in the Kommersant article. “OPEC+ will continue production cuts until the summer”.

Evgeny Belousov