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No Big Impact from Russian Production Cut: Mercuria CEO

OIL

Russia’s crude production cut of 500,000 bpd from March will not have a big impact on oil markets according to Mercuria’s CEO Marco Dunand, adding the move could narrow discounts for Russian oil.

  • "The Russians are concerned about the differential they are getting from their crude, they are selling their crude at large discounts," he said, adding "I don't think it will have a big impact."
  • He said the cut could narrow discounts from $40/bbl to $20/bbl.
  • Dunand said it was too early to tell what effect the products cap would have on the market.
  • "The real demand for Russian diesel tends to be in Europe, so they have to find new markets and different ways of blending etc," he said.
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