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MNI Commodity Weekly: High Russian Oil Exports Raise Questions About Production Cut

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aerial view of white and yellow boat on body of water during daytime

Executive Summary:

  • High Russian Oil Exports Raise Questions About Production Cut: Russian claims of a 500 kbpd production cut are increasingly being drawn into question as seaborne exports from the country leave at around 3.4mn bpd on a weekly basis, recoiling back from an early April dip and remaining historically high.
  • Oil Markets: Crude prices holding steady after declining with uncertainty over global oil demand ahead of potential central bank rate hikes in the US and EU next week.
  • Gas Markets: TTF falls to lowest since July 2021 with ample supplies from strong LNG imports covering for the reduction in imports from Norway while demand remains below normal.

Full Piece Here:


MNI Commodity Weekly - High Russian Oil Exports Raise Questions About Production Cut.pdf

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