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Russia Close to Full Compliance on OPEC Pledge

OIL

Russia has nearly reached its target for voluntary crude oil production cuts for the first time since making the pledge last year, according to Bloomberg.

  • Russia pumped 1.29m mt of crude in January, equivalent to around 9.46m b/d.
  • Russia has pledged to cut output by 500k b/d from Feb 2023 levels. Output in Jan was 490k b/d below this level.
  • On top of this pledge, Russia also vowed to cut exports of crude and products by a combined 500k b/din Q1.
  • The IEA reported earlier that Russia exported 7.7m b/d of crude and products in January, compared to 7.4m in May-June 2023.
  • Russia does not publicise its data due to sensitivity amid sanctions.

Source: Bloomberg

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