Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
The pace of oil drilling by Russia has fallen 2.5% from the record last year amid OPEC+ production cuts to stabilize the global oil market and with lower refinery runs, according to Bloomberg.
- Rigs drilled 14,370 kilometres of production wells in Russia from January to June.
- Drilling is expected to slightly decline to 29,400 kilometers in 2024 but remain above the average distance achieved from 2019 to 2022, despite western sanctions. Total production drilling is estimated to exceed 30,000 kilometers in 2025, according to Kasatkin Consulting.
- “OPEC+ production ceilings, current and expected, serve as a damper on production growth and limit the amount of capital Russian oil companies deem reasonable to spend on drilling,” said Sergey Vakulenko at the Carnegie Endowment for International Peace.
- Russia production has remained above agreed levels despite reducing this year. Output was 9.139mb/d in June, according to latest OPEC’s monthly report based on secondary sources compared to the pledge for production to remain at 8.978mb/d until October.
- Russia plans compensations of almost 15mbbls over October and November and March to September 2025 for previous overproduction.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok