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MNI China Daily Summary: Tuesday, March 19

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Russian Energy Ministry Says "No Aim to Sell at Any Price"

OIL

Russia’s March crude output cut is based on the principle of no aim to sell at any price just for the sake of volume according to the energy ministry.

  • "There is no goal to sell oil at any price just for the sake of volume, because there are certain non-market restrictions and an attempt somehow to establish them. Russia does not agree with this easily, and we believe that this is a super-destructive element for the global economy," First Deputy Energy Minister Pavel Sorokin said.
  • Russia intends to cut production by 500,000 bpd this month. It is not yet clear Russia’s production intentions from April.
Energy BulletsCommodities
Energy BulletsCommodities

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