ICYMI – Russia’s Novak confirmed a shallower cut to oil output than previously indicated

On Thursday, Europe time, Russia’s RIA Novosti news agency reported remarks from Russian Deputy Prime Minister Alexander Novak.

Info conveyed via Reuters:

  • said a previously announced cut of 500,000 barrels per day (bpd) in Russia’s oil production would be from an output level of 10.2 million bpd in February
  • mean Russia is aiming to produce 9.7 million bpd between March and June, when the production cut will be in force, according to Novak

Adds Reuters:

  • Russia announced in February the plans to cut oil output, with state media saying the 500,000-bpd reduction would be based on January production levels of 9.8-9.9 million bpd, and would have thus taken Russia’s oil output below 9.4 million bpd.
  • thus Novak’s comments point towards a shallower reduction in output than Moscow previously indicated

This adds some clarity at least to questions from earlier in the week:

  • Note that Russia’s seaborne crude exports have been resilient, so there are questions if cuts have taken place. Domestic refinery runs have also held at levels that do not indicate output reductions.

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