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Russian Refining Not Set for Shortfalls from Crude Production Cuts: Novak

REFINING

Domestic Russian refining is not set to face shortfalls from its 500,000 bpd crude production cuts that are being implemented from March until the end of June based on today’s announcement by Novak.

  • “First of all, we must meet the needs of the domestic market so that we do not have a deficit” Novak said.
  • The earlier comments prompted an uptick in the crude markets. So far, Russian oil exports have been largely unimpacted by the cuts – remaining strong in March.
  • Brent MAY 23 up 1.1% at 74.62$/bbl
  • WTI APR 23 up 1.7% at 68.8$/bbl

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