FED'S BARKIN: LOOKING FOR MORE EVIDENCE OF INFLATION'S DECLINE

BARKIN: FED SHOULD ACT DELIBERATELY, KEEP CLOSE EYE ON ECONOMY

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

EZ/UK T-Bill Calendar:1/3/6-Month UKTB Auction on Friday

US EIA: CRUDE OIL STOCKS EX SPR -4.87M TO 440.2M JUL 12 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Russia Plans to Make OPEC+ Compensation Cuts in Warm Season

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Russia plans to make extra crude production cuts to compensate for pumping its OPEC+ quota in the warm season of 2024 and 2025, sources told Bloomberg.

  • Moscow’s additional curbs will most likely happen in summer and early Autumn for technological reason. Russia will also need more crude during the colder months.
  • Russia has been one of the country’s repeatedly overproducing compared to its OPEC+ quotas.
  • In June, it pledged to compensate for its overproduction since April, with the compensation period to last until Sep. 2025.
  • Russia missed a deadline to present the compensation schedule to OPEC’s secretariat by June 30.
  • The market will watch for tangible compensation cuts among overproducers such as Russia as a sign that OPEC is able to maintain compliance among its members. Strong compliance would be bullish for markets as supply tightens.
136 words

To read the full story

Close

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.

Russia plans to make extra crude production cuts to compensate for pumping its OPEC+ quota in the warm season of 2024 and 2025, sources told Bloomberg.

  • Moscow’s additional curbs will most likely happen in summer and early Autumn for technological reason. Russia will also need more crude during the colder months.
  • Russia has been one of the country’s repeatedly overproducing compared to its OPEC+ quotas.
  • In June, it pledged to compensate for its overproduction since April, with the compensation period to last until Sep. 2025.
  • Russia missed a deadline to present the compensation schedule to OPEC’s secretariat by June 30.
  • The market will watch for tangible compensation cuts among overproducers such as Russia as a sign that OPEC is able to maintain compliance among its members. Strong compliance would be bullish for markets as supply tightens.