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Russia's Novak Claims 500 kbd Production Cuts Met

OIL

Russia’s Deputy Prime Minister Alexander Novak repeated comments earlier that Russia had reached its target to cut 500,000 bpd of crude output according to Tass reports.

  • “Russia has been reducing [crude production] by 500,000 bpd. We have achieved [this target level of the reduction] starting from May, Novak said, as reported by Tass.
  • It comes as vessel tracking shows record levels of Russian crude flowing onto global markets, pushed by higher levels of domestic refining.
  • On a four-week average basis, overall Russian seaborne exports in the period to May 12 were up by 80,000 barrels a day to 3.72 million barrels a day, the highest since the start of 2022, when Bloomberg began tracking the flows in detail.
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