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Klper Forecast Russian Production Cut of 350 kbd May

OIL

Regarding Russia’s voluntary 500,000 bpd production cut pledge, Kpler see May production levels at 10.707mn bpd, 350 kbd below Feb ’23 level.

  • Kpler expects state companies to lead the cuts while higher levels of refinery maintenance will impact oil product supply (it is already in decline).
  • It forecasts that H2 '23 output could rebound to 10.83-10.85mn bpd with higher demand and Urals appreciation in China.


source: Kpler

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