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OIL
Russia’s compliance with its pledged OPEC+ output cut worsened in Feb, according to Bloomberg.
- Russia pumped an average of 1.3m mt/d of crude in Feb, equivalent to around 9.54m b/d.
- This puts its output up 82k b/d on the month and around 406k b/d below the baseline target of Feb 2023. Their voluntary pledge was 500k b/d below the Feb baseline.
- The nation agreed to deepen production cuts in Q2. In April, its cuts will comprise of 350k b/d of production, 121k b/d of crude and product exports.
- In May, it will cut 400k b/d of output and 71k b/d of exports. June will see it cut only production.
- However, some note that Russia’s classified production data, coupled with the spread across production and exports, will obscure measurements of its compliance record.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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