Russia said it will export more oil next month than it has in any months since 2013.
The figure comes despite Moscow’s plan to sign a global agreement on freezing production in a bid to see an increase in the price of crude.
The increase in Russian exports is mainly because of planned maintenance at refineries that reduced their capacity to process crude.
It also reflects Russia’s economic slump, which has reduced domestic demand for refined products.
According to one trader, the increase also comes from a desire by Russian producers to protect their share of the crude oil market in Europe, where Russia’s traditional dominance is under threat from newly arriving Saudi supplies.
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