Reuters sources: Russia plans to reduce its oil exports by up to 25%

According to a press report, Russia plans to implement significant cuts to its oil exports in order to raise the price of crude for the West.

And according to what sources told Reuters, Russia may reduce shipments from its western export hubs by up to 25% by March.

The sources confirmed that the state-run Transneft oil pipeline had already told two companies that they would receive 20-25% fewer shipments in March than they originally ordered from Russia’s western ports.

One source pointed out that the export cuts appear to be larger than the planned production cuts, and that they are likely to help push up the price of Russian oil.

And Russian Deputy Prime Minister Alexander Novak announced earlier this month that Moscow intends to voluntarily reduce its oil production by 500 thousand barrels per day, or about 5%, in March, after the West applied a ceiling to Russian oil prices.