After checking the quality indicators of the raw materials, the company began pumping it in the oil transportation system for further transportation to the capacities of the Kremenchuk oil refinery.
West Texas Intermediate will be transported via the Odesa-Kremenchuk pipeline. In addition to pumping oil from Ukrainian fields, Ukrtransnafta has experience transporting five kinds of imported oil: Urals, Azeri Light, Bakken, El Sharara and WTI, according to the statement.
The company also recalled that in July last year, Ukrtransnafta for the first time transported American Bakken oil to the Kremenchuk refinery, and on November 26, 2019, it first began accepting El Sharara (Libyan oil) to the oil transportation system.
As reported before, OPEC countries, Russia, and the organization’s allies agreed to extend record cuts in oil production until the end of July.
In particular, we are talking about the extension of the agreement to reduce the production of 10% of world oil volumes, which was reached in April.
In addition, a group known as OPEC + demanded that countries such as Nigeria and Iraq, which exceeded production quotas in May and June, offset further reductions in July-September.
As we reported before, Producers of the OPEC+ group and their allies, including Russia, came to an agreement: the production of oil will be cut by more than 20 percent. OPEC+ decided so during the negotiations on April 9, as the members gathered on a video conference
In order to support the world prices for oil, the Group agreed to cut the production by 10 million barrels per day, which is 10 percent of the daily supplies. Other countries are expected to cut it by another five million barrels. The cuts will be gradually decreasing until April 2022.