The volume of Russian offshore oil supplies fell to a 3-month low

For the period from November 12 to 19, the volume amounted to 2.7 million barrels per day, which is 580 thousand b/d less than at the beginning of the month. This was the largest weekly decline in the last 4 months after a sharp increase in shipments in October. 

Analysts believe that this may indicate that Russia is preparing for a new production cut within OPEC.

Over the past month, Brent crude oil quotes have lost about $13, dropping from $93 to about $80 per barrel, which is a critical level for OPEC+. At the same time, neither a reduction in the production of oil-producing countries within OPEC+, nor additional voluntary restrictions from Saudi Arabia and Russia can reverse the trend so far.

In this regard, the organization is considering the possibility of introducing new restrictions on oil production and export in order to support prices on the market.