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Russian June Crude Output Fell Short Of Pledged Cut

OIL

Latest data from the Russian Energy Ministry suggests Russia did not fully implement its pledged crude output cut in June, according to people familiar with data.

  • Russia’s daily crude output averaged 1.310mn tons last month, equal to 9.599mbpd, down by 60kbpd from May.
  • Even with the monthly drop, Russia’s production was only 350kbpd than in February, the baseline to measure pledged voluntary cuts. The nation promised to reduce its crude output by 500kbpd starting March and maintain the curbs through 2024.
  • Earlier this week, Russia also pledged to curtail its crude exports in August by 500kbpd, which will not include additional cuts in production, Deputy Prime Minister Alexander Novak said.
  • Russia’s crude exports continue to exceed expectations. Overall crude seaborne exports on a four-week basis in the period to July 2 edged up 12kbpd to 3.4mbpd, Bloomberg vessel tracking showed.
Energy BulletsCommodities
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