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OIL: Russia Crude Oil Output In Line With OPEC+ Target: Novak

OIL
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Russia crude oil output is now in line with OPEC+ target as the country plans to adhere to the group commitments, according to Deputy Prime Minister Alexander Novak cited by Reuters.

  • Output has reached its promised level of 9mb/d, Novak said compared to the OPEC+ quota of 8.98mbpd since June.
  • "We will have to ensure that this trust is... maintained," Novak said about the oil output pledges.
  • Russia’s seaborne crude exports fell by 530kb/d in the week to Nov. 3 with no shipments from the Arctic port of Murmansk and just one from the Novorossiysk Black Sea port, according to Bloomberg. Four-week average cargoes fell by 90kb/d in the week to 3.32mb/d despite near peak levels from major Baltic and Pacific coast ports.
  • The OPEC+ group is due to gather on Dec. 1 to decide production policy from January. The meeting has not been specified to be online or in person.
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Russia crude oil output is now in line with OPEC+ target as the country plans to adhere to the group commitments, according to Deputy Prime Minister Alexander Novak cited by Reuters.

  • Output has reached its promised level of 9mb/d, Novak said compared to the OPEC+ quota of 8.98mbpd since June.
  • "We will have to ensure that this trust is... maintained," Novak said about the oil output pledges.
  • Russia’s seaborne crude exports fell by 530kb/d in the week to Nov. 3 with no shipments from the Arctic port of Murmansk and just one from the Novorossiysk Black Sea port, according to Bloomberg. Four-week average cargoes fell by 90kb/d in the week to 3.32mb/d despite near peak levels from major Baltic and Pacific coast ports.
  • The OPEC+ group is due to gather on Dec. 1 to decide production policy from January. The meeting has not been specified to be online or in person.