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Russia Fails To Cut Output By 500kbpd In May

OIL

Russian crude oil production stood at 9.66mbpd in May, modestly down from 9.67mbpd in April, Russia’s Energy ministry said.

  • Russia promised to cut its crude production by 500kbpd starting in March. Russia’s Deputy Prime Minister Alexander Novak said this weekend the nation is implementing these curbs in full.
  • Last month, the country’s production was 418kbpd lower than in February, according to Bloomberg calculations. The Energy Ministry data also revised the figure for daily crude output in February down by some 37kbpd to 10.08mbpd, the people said.
  • The latest four-week average for Russian seaborne crude shipments showed exports remained strong at 3.73mbpd as of 4 June, up from 3.68mbpd in the period to 28 May, vessel-tracking data monitored by Bloomberg showed.
Energy BulletsCommodities
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