Russia is preparing to significantly reduce the oil supply to the market from its Baltic and Black Sea ports—to the lowest in two decades in May when the OPEC+ production cut deal begins, Reuters reported on Friday, quoting a preliminary loading schedule it has seen. Russian seaborne oil exports from the port of Novorossiysk on the Black Sea and the Baltic ports Primorsk and Ust-Luga are set to drop next month by 43 percent on a daily basis compared to the oil export levels in April, according to Reuters estimates. As part of the new OPEC+ deal, Russia has pledged to cut its production in May and June to 8.5 million bpd—or by 2.5 million bpd from a baseline level of 11 million bpd. These would be the largest cuts that Russia will ever attempt to make as part of the OPEC+ group. In the previous deals, Russia hasn’t […]