Oil Markets

Russia Caught on Horns of Opec-Plus Dilemma

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Russia has fallen short of its February pledge to cut production by 500,000 barrels per day. Energy Intelligence estimates that output was down by 320,000 b/d in April, which means that Russian producers will have to cut a little from May if Moscow intends to stick to its commitment with Opec-plus.

Topics:
Crude Oil, Oil Products, Opec/Opec-Plus
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The Opec-plus decision to restrict oil production suits Moscow, as it should support markets without requiring additional sacrifices by Russia.
Wed, Jun 7, 2023
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