Russia’s oil stocks fell to their lowest levels in at least 11 months
Russia’s oil stocks fell to their lowest levels in at least 11 months, amid increased exports and a significant decline in prices, following the setting of a maximum price cap by the Group of Seven and an import ban by the European Union.
According to CDU-Tech, which is a unit of the Russian Energy Ministry, issued data reveals the volume of crude oil stored in Russia, which was decreased to 1.25 million tons as of Friday.
This is equivalent to about 9.17 million barrels of oil, and the lowest level since last February, according to the data.
The data refers to tanks operated by producers in the country’s oil fields.
Unlike the United States, Russia doesn’t possess any large commercial crude stocks.