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Russian Output Denting OPEC+ Cuts

OIL

Surging Russian crude exports are denting the impact of recent OPEC+ production cuts according to Kpler figures.

  • “Russian oil producers have been doing what counters the main narrative, namely they have been ramping up output,” according to Kpler analyst Viktor Katona.
  • Oil exports from the full 23-nation group dropped by just 361,000 barrels a day in November despite a Bloomberg survey suggesting OPEC+ cut production by 1mn bpd last month.
  • OPEC+ meet this weekend to discuss their next move but are expected to rollover the latest cut agreement.


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