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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.
OIL
Russia revived some idled oil wells in April, but the total number of active wells remains below the February level according to industry data seen by Bloomberg.
- The number of active wells rose by 0.24% from March to 154,352 in April, but it remained 2.41% lower than in February. The proportion of idled and shut-in wells was 17.9% of the total fleet in April compared with 18.1% in March and 15.6% in February. These figures to not include the productivity of the wells.
- Russia pledged to voluntarily reduce crude production by 500kbpd starting in March, compared with February levels. Last week, Deputy PM Alexander Novak reiterated Russia has reached the pledged cuts, third-party data suggest otherwise.
- Bloomberg places cuts at around 372kbpd this month, Morgan Stanley said production fell by 300kbpd in March and around 200kbpd in April.
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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