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Too Early to Speak on OPEC+ Plans for April: Novak

OIL

Russia’s Deputy PM Alexander Novak said that it was too soon to speak on whether voluntary output cuts would be extended beyond Q1, Interfax reported.

  • Novak downplayed the importance of whether Russia reduces its exports of crude or fuels as part of its Q1 voluntary cuts pledge.
  • Russia agreed to reduce crude exports by 300k b/d and products by 200k b/d compared to the May-June average.
  • Russia’s current crude only output is at 9.5m b/d, in line with OPEC+ agreements, according to Interfax.
  • Novak said that he sees Russia’s crude oil and condensate output at 520m-530m mt in 2024.

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