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Gas Production Grows 9.4% Y/Y in Q1, Manufacturing PMI Slips to 54.3

RUSSIA
  • Russia’s manufacturing PMI slipped to 54.3 in April from 55.7 in March (Est: 54.6), data released by S&P Global show. New Orders fell to 56.8 from 59.1 the month prior.
  • According to the economy ministry's socioeconomic development forecast for 2025-2027, wages are expected to climb 13.6% in 2024, before growth slows to 8.4% in 2025, 7% in 2026 and 6.6% in 2027, Vedomosti report.
  • Gas production in Russia grew by 9.4% year-on-year to 196.9bcm in the first quarter of 2024, according to Kommersant’s sources. The growth was driven primarily by Gazprom, which increased production by 13% to 132bcm on the back of increased exports.
  • Indian Oil Corp. resumed buying Russian crude oil delivered on a tanker owned by Sovcomflot PJSC this week, Bloomberg report, paving the way for a restoration of oil flows between Russia and India after tightened US sanctions disrupted shipments.

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