Russia increased oil production in March

Noam Stiekema

The Russian oil production reached in March yet another highest level of post-Soviet period, providing and higher exports. The increase in exports has contributed to even greater saturation of the world market that keeps oil prices low and penalizes the Russian economy. The large producers organization of oil producing countries (OPEC), led by Saudi Arabia, […]

Oil production

Oil productionThe Russian oil production reached in March yet another highest level of post-Soviet period, providing and higher exports. The increase in exports has contributed to even greater saturation of the world market that keeps oil prices low and penalizes the Russian economy. The large producers organization of oil producing countries (OPEC), led by Saudi Arabia, decided to maintain its market share, said it would cut production in order to raise prices if and others – such as Russia. However, this does not seem to affect the intentions of Moscow and the oil race continues. Both Russian state energy giants Gazprom and Rosneft have pushed Russian oil production at a record high level of 10.71 million barrels per day, according to data released Thursday by the Ministry of Energy. This is above the December maximum of 10.67 million barrels per day.

Total in March the oil production (including gas condensate) increased by 1.3% to 45.275 million tons and exports rose by 2%.

In the first quarter, the crude oil production in Russia increased by 1.1% to 131.5 million tons, while exports rose by 7.3% to 59.5 million tons. This was announced by the central dispatch of fuel and energy complex. Processing of Russian oil refineries during the quarter decreased by 1% to 70.426 million tons, including 3.3% to 23.676 million tons in March. The export of Russian oil has increased in the first quarter by 7.3% to 59.5 million tons, and in March – by 7.5% to 20.4 million tons.

Read this next

Digital Assets

US Treasury official clarifies stance on crypto mixing services

The Financial Crimes Enforcement Network (FinCEN) proposed a rule last year to classify convertible crypto mixing as a “class of transactions” with primary money laundering concerns.

Fintech

Robinhood sweetens US crypto offering with trading API

Robinhood has launched a cryptocurrency trading application programming interface (API) for users in the United States. The new API caters to seasoned crypto traders by enabling automated trading strategies, allowing users to react quickly to market movements and trends.

blockdag

After Retik Finance’s 67% Drop, Investors Turn to BlockDAG’s 30,000x ROI Potential to Recover Their Losses

Explore how BlockDAG’s $37M presale is drawing investors while Retik Finance collapses to $0.403.

Digital Assets

Terraform Labs and co-founder Do Kwon reach settlement with SEC

Terraform Labs and its co-founder Do Kwon have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Thursday.

Market News, Tech and Fundamental, Technical Analysis

FTSE 100 Index Technical Analysis Report 30 May, 2024

FTSE 100 Index can be expected to rise further toward the next resistance level 8325.00, which reversed the price earlier this month.

Chainwire

Sui and Atoma Bring the Power of AI to dApp Builders

The integration of Atoma adds new capabilities to Sui’s flourishing developer ecosystem with unique AI-querying capabilities.

Digital Assets

Talos incorporates DeFi with Skolem acquisition

Talos has acquired Skolem to enable clients to incorporate DeFi into their workflows in a move that sets a new standard for the digital asset OEMS and PMS.

Reviews

Ramp Network Deepens Local Presence by Introducing Payouts in Over 35 National Currencies and Instant Bank Payouts in Europe

Ramp Network expands its reach with new payouts in over 35 national currencies and introduces SEPA Instant bank transfers in Europe, enhancing crypto-to-fiat conversion options for users globally.

<