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OIL
Russia’s crude production cuts fell short of commitments in November according to Bloomberg calculations.
- Russia produced an average daily 1.314 million tons of crude in November according to a Bloomberg source with knowledge of Energy Ministry figures.
- It is equivalent to 9.63mn bpd.
- Volumes are down by 26,000 bpd from October but only 316,000 bpd from the February baseline vs a 500,000 bpd pledge until the end of 2024.
- Russia has a commitment on top of the production cuts to reduce oil supplies by 300,000 bpd through the end of the year – extending to 500,000 bpd in Q1 next year.
- It will comprise 300,000 bpd crude and 200,000 bpd oil products as part of Russian commitments to 2.2mn bpd OPEC+ cuts which have failed to prop up oil markets that have instead fallen since the announcements.
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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