Free Trial

OPEC Production Cuts Need Time to Kick In: Russia

OIL

Oil production cuts agreed by the OPEC+ group will take time to kick in, Russian government spokesman Dmitry Peskov said Dec. 5 as reported by Reuters.

  • "There are certain processes of inertia in the oil market; it is very big and heavy. Therefore, sometimes the effect is delayed. Therefore, coordination will continue," Peskov said.
  • Russia’s Deputy PM Novak told TASS that Russia is to start tightening restrictions on oil and fuel supplies under OPEC+ as early as December and intends to fully fulfil its obligations to voluntarily reduce oil and fuel supplies as early as January.
  • Russia announced last week that it will Russia will deepen its oil export cuts to 0.5m b/d below average May-June levels during Q1 2024, of which 0.3m b/d will be crude cuts.

To read the full story

Close

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.