Oil Markets

Russia Caught on Horns of Opec-Plus Dilemma

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
Corona Borealis Studio/Shutterstock

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.

Crude Oil, Oil Products, Opec/Opec-Plus
Wanda Ad #2 (article footer)
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
May was a pivotal month for Opec-plus, which has now removed 1.5 million b/d of crude from global markets since October.
Fri, Jun 9, 2023
Traders are more worried about the state of global oil demand and took the surprise 1 million b/d production cut in their stride.
Fri, Jun 9, 2023