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Russia’s Energy Ministry Suggest April Output Cut of 433kbpd

OIL

Russia’s Energy Ministry said oil production cuts were almost at the targeted level in April according Bloomberg sources.

  • Russia pledged to cut crude output by 500kbpd starting in March until the end of the year but ship tracking data suggests seaborne exports remain high, refinery runs have only dipped slightly on maintenance and data suggests Druzhba pipeline flows declined before the cut.
  • The Energy Ministry’s data show the country pumped a daily average of 1.319m tons (9.67mbpd) of crude in April which would equate to a crude production cut of 443kbpd from the February baseline.
  • The data suggests total April production of crude oil and condensate averaged 1.450m tons a day (10.63 mbpd) compared with 11.1mbpd in February according to Bloomberg calculations.
Energy BulletsCommodities
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