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OIL
Russia cut its crude output by less than pledged in April, exceeding the voluntary target agreed in March with OPEC+, Bloomberg said.
- Daily crude production averaged just under 1.285m mt in April, equivalent to around 9.418m b/d.
- This would put Russia’s crude output for April around 219k b/d below March, but 319k b/d above the level agreed in the OPEC+ agreement.
- Russia is the only country dividing its curbs between production and exports of both crude and products.
- For April, Russia pledged to cut production by 350k b/d from March levels, with a targeted daily production level for April at 9.099m b/d.
- Russia also pledged to further its total daily output cuts to 900k b/d and 971k b/d in May and June respectively.
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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