OIL
Russia, which has pledged to deepen its OPEC+ crude operation cuts in Q2, kept the numbers of its inactive oil wells nearly flat by end-March, Bloomberg said.
- Of the 193k oil wells in Russia, around 32.4k, or 16.8%, were not operating by the end of the month, marginally below Feb levels.
- Russia’s oil-well data have some key limitations — notably the lack of information on the productivity of wells
- Russia agreed to further cut its crude production in Q2 to help stabilise the global oil market.
- In April, Russia will reduce output by a further 350k b/d and will deepen to 400k b/d in May, June production will be cut by 471k b/d.
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