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Oil Production Continues to Rise in February Ahead of Planned March Cut

RUSSIA
  • Oil production in Russia has continued to rise in the first half of February, up 1% m/m to 1.50 million tons, despite authorities’ plans to reduce production in March by 500,000 barrels a day, Kommersant report. The average daily production is equivalent to around 10.97 million barrels, based on the 7.33 barrels-to-ton equivalent, according to Bloomberg calculations based on the data.
  • Russia is reviewing its obligations in international organizations, which infringe on domestic interests, Vedomosti report citing Foreign Minister Lavrov who spoke in the State Duma for the first time since the invasion of Ukraine. "We are delaying the payment of contributions", he said. Lavrov also highlighted Russia’s growing relationship with China, where “vigorous work” is being done to strengthen bilateral relations. The Minister named India, Brazil, Turkey and South Africa among others with whom Russia has developed “good” relationships.
  • Russian Admiral Gorshkov frigate armed with Zircon hypersonic missiles has docked in Cape Town ahead of South Africa's controversial naval drills with Russia and China, which will overlap with the anniversary of Moscow's full-scale attack on Ukraine. The exercises will take place on Feb 17-27 and are likely to weigh on South Africa's diplomatic relations with Western nations.
  • The Bank of Russia will report the weekly changes in its gold and FX reserves at 1300 GMT/1600 local time (Prior: $601.0bln).
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