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Russia’s Oil Output Falls By 500kbpd So Far In April: JP Morgan

OIL

Russia’s crude and condensate production likely fell by 250kbpd in March and by another 500kbpd so far in April, JPMorgan analysts including Natasha Kaneva said.

  • Production is estimated at 11.05mbpd in February, falling to 10.8mbpd in March and to 10.3mbpd so far in April, Kaneva said.
  • Russia’s energy ministry said output was cut by 700kbpd in March, but latest crude export data lead to doubt in the size of Russia’s output reduction.
  • Exports in April are likely down due to the expiration of the 55-day grace period that was build into the EU product sanctions, Kaneva added.
  • The EU embargo exempted Russian refined products bought and loaded prior to 5 Feb and unloaded before 1 April.
  • Around 600kbpd of crude exports probably have been diverted from the Druzhba pipeline to seaborne exports.
Energy BulletsCommodities
Energy BulletsCommodities

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