Weekend oil news: Russia cut production in March, closer to fulfilling its agreement

Via Reuters:

Russian oil output was 11.05 million barrels per day (bpd) in March

• Down 200,000 bpd from October


• Russian Energy Minister Alexander Novak has said Russia would cut its oil output by 200,000 bpd by the end of the first quarter and by 300,000 bpd by the end of April

Decline in Russian oil output in March was mostly due to cuts by smaller producers, total output fell by 1.1% m/m

• Production at Russian majors Lukoil and Surgutneftegaz fell 0.9% in the month


• Output at Rosneft (world"s largest traded oil producer) +0.1% m/m in March

  And, via Bloomberg:

Russia cut its crude production in March, moving closer to fulfilling its agreement with OPEC as the deadline approaches

• Russia is the largest of the 11 non-OPEC producers cooperating with the Organization of Petroleum Exporting Countries to reduce oil supplies

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The deal:

• The OPEC / non-OPEC production cut deal is effective until the end of the first half of the year


• OPEC and non-OPEC producers will look at extending the deal by six months


• OPEC is scheduled to hold its semi-annual meeting on May 25 and a meeting with non-OPEC producers will also be held around this date


• Five OPEC members have signaled their support for extending the deal (as has non-member Oman) 


• Russia needs more time to assess the market before committing to an extension, Energy Minister Alexander Novak said in an interview with Bloomberg television last week


• Russia plans to hold an energy dialogue meeting with OPEC in Moscow on May 31.    

Is it enough?

• Oil analysts are unsure if the supply cuts will be enough to offset the increase in U.S. shale oil production

Weekend oil news: Russia cut production in March, closer to fulfilling its agreement
Weekend oil news: Russia cut production in March, closer to fulfilling its agreement
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