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Free AccessOIL: Russia Crude Oil Output In Line With OPEC+ Target: Novak
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.
To read the full story
Sign up now for free trial access to this content.
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.