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OIL
Russian oil data show a jump in the number of idled wells in March as uncertainty surrounds the implementation of the planned 500kbpd production cuts since the start of March.
- The proportion of idled and shut-in wells increased to 18.1% in March from 15.6% in February according to industry data and could be an indication of a reaction from Russian producers. The data however shows no information on the productivity of the wells affected.
- Deputy Prime Minister Alexander Novak has said the cuts were implemented by the end of March and maintained in April, but little impact has yet been seen on exports or refinery runs. Exports increased to over 4mbpd last week according to Bloomberg ship tracking data.
- Russia’s official oil-output data was classified after the invasion of Ukraine due to its “sensitive” nature.
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.
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