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Deputy PM: Oil Production Will Increase In May & June

RUSSIA

Russian Deputy PM Alexander Novak has stated that Russian oil production will increase in May and continue to grow in June.

  • Says that production is down 7% so far this year.
  • Novak: Russian energy sector not in crisis, but did get a shock.
  • Novak: Russia will send oil rejected from Europe to Asia and other markets.
  • Novak: Russia exports around 4mn/bbd to Europe at present, and Europe will need to think about where it can source these volumes from [if the EU oil embargo comes into force].
  • Novak: Europe cannot switch off Russian energy in one go....energy supply shortage drives global power and fertilizer price rises.
  • Novak: Global food prices are already on the rise, and this will worsen throughout the year.
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