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OIL
Russia’s does not plan to deepen crude production cuts to fulfill its pledge to reduce its August crude exports by 500kbpd, said people familiar with the matter.
- On Monday, Russia’s Deputy Prime Minister Alexander Novak announced a plan to curtail crude oil exports by 500kbpd.
- Moscow from March onwards committed to cut crude production by 500kbpd against the February baseline, which will be sufficient to achieve the drop in exports, the people said.
- The nation’s oil producers will determine their output in August based on market conditions, one of the people said. They remain committed to the country’s existing 500kbpd output cuts, according to another person.
- Despite Russia’s pledged output cuts, Russian seaborne crude exports have remained strong. Latest four-week average seaborne crude exports stood at 3.4mbpd as of 2 July according to Bloomberg vessel tracking.
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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