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Oil Output Set to Decline by 600k b/d, Goldman Analysts Say

RUSSIA
  • Russian oil output looks set to decline 600k b/d by April amid a lack of tankers to fully re-direct flows away from Europe, Goldman Sachs analysts said in a report. Nevertheless, output has been surprisingly resilient despite the imposition of EU sanctions last month, with production fluctuating around 11.1m b/d for the past three months.
  • "Russia-China ties are undoubtedly experiencing absolutely the best times in the entire history of these relations," Russian Foreign Minister Lavrov said on Wednesday. "The relationship is pragmatic, trusting and mutually respectful. This can be characterized as an ideal format for relations between any countries," Lavrov said at his annual press conference.
  • The Bank of Russia will report its weekly changes in gold and FX reserves, as well as its estimate of foreign debt as of end-2022. Data crosses at 1300 GMT/1600 local time.
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