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Russian Crude Oil Output Declined 300kbpd In The First Three Weeks Of March

OIL

Russian crude oil output declined by 300kbpd in first three weeks of March according to Reuters sources.

  • Russian crude oil production excluding gas condensate was around 9.78mbpd in the period, down from about 10.07mbpd for the whole of February on average.
  • The planned 500kbpd oil production cut, initially scheduled for March only, had been extended until the end of June, Russia’s Deputy PM Alexander Novak confirmerd last week.
  • Russia’s Energy Minister Nikolai Shulginov said on Tuesday that Russia had managed to completely redirect the entire volume of oil exports affected by sanctions.
  • Russia plans to cut refinery runs in April, allowing the state to maintain crude oil exports while sticking to previously announced output cuts, data from industry sources and Reuters calculations showed.
Energy BulletsCommodities
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