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Novak: 500k Bpd Oil Production Cut To Be Reached In Days


Comments from Russian Deputy Prime Minister Alexander Novak hitting wires stating that Russia is close to achieving its target level of oil production cuts.

  • Novak said, per Reuters: "Russia will continue 500,000 bpd oil production cut until end of June 2023."
  • Novak: "Russia is close to achieving target level of production cuts."
  • Novak: "Cuts of 500,000 bpd will be reached in coming days."
  • Novak's comments contradict a report from Bloomberg yesterday arguing that, although there has been a decrease in seaborne crude flows, "there is still little sign that the country has cut production."
  • Bloomberg: "As yet, there’s no substantial evidence of the 500,000-barrels-a-day output cut that Russia said it would impose in March — though any drop in production at oil fields in Siberia may take some time to show up in flows from the Baltic or Black Sea ports. In another indication that Moscow may not yet be implementing the planned reduction, the country’s crude oil storage tanks have topped 15 million barrels for the first time since April."

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