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Oil Holding Up Yesterday's Gains on Russian Headlines


Crude prices remain elevated today, supported by a range of comments from Russian officials giving some of the clearest indications yet that western sanctions are impacting its output.

  • Gazprom Neft’s CEO said he expected 2023 to “more difficult compared with last year” for Russian oil exports.
  • Russia’s Deputy PM said that the country needs new insurance and re-insurance mechanism for its oil exports – a rare public acknowledgement of the difficulties it is having shipping sanctioned oil.
  • The Russian Minister of Energy, Nikolay Shulginov said that the country expected to see lower oil and gas output in 2023.
  • The country is currently committed to a 500,000 bpd oil production cut from March until late June.
  • The headlines have held up crudes rise yesterday which gained on news that around 450,000 bpd of Iraqi volumes are being held up by a pipeline dispute with Turkey.
  • Brent MAY 23 up 0.6% at 78.6$/bbl
  • WTI MAY 23 up 0.7% at 73.3$/bbl

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