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Russian Officials Project Higher Crude Price Q4

OIL

Russian officials expect oil prices to rise in q4, counteracting tje loss of revenue from lower volumes and helping to support the national budget.

  • "Voluntary production cuts are necessary for balancing. As a result of balancing, demand will increase, we believe. And I think that prices may increase in the fourth quarter. Therefore, we do not expect such losses for the budget associated with voluntary cuts," Russian Energy Minister Nikolai Shulginov said.
  • Russia claims to have met its 500,000 bpd voluntary cuts but exports remain strong from the country.

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