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Russia Is Committed To Pledged Crude Output Cut: Novak

OIL

Russia confirms its full commitment and implementation of pledged cuts in crude production, Deputy Prime Minister Alexander Novak said, following reports from other sources suggesting Russian production cuts were below the announced 500kbpd.

  • Russia announced to lower its output by 500kbpd from March until the end of the year.
  • Novak reiterated that plan Thursday, adding that the monitoring of cuts will be carried out by “independent sources.”
  • Seaborne exports of Russian crude have only partially compensated for a drop in the nation’s piped flows to Europe, which have declined by more than two-thirds, Novak said.
  • Sustained high crude oil exports from Russia suggest it has not achieved the 500kbpd output cut yet. Russian seaborne crude shipments increased to over 4mbpd in the week to 28 April, Bloomberg tanker-tracking data showed.
  • Morgan Stanley estimated Russia’s crude and condensate production declined by 0.3mbpd in March and by around 0.2mbpd in April, well below the target.
Energy BulletsCommodities
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