“OPEC and its allies (OPEC+) see no need for further oil output cuts despite lower-than-expected Chinese demand,” Russian Deputy Prime Minister Alexander Novak said on Wednesday. The global oil market is in equilibrium.
OPEC+ may always change the terms of a contract.
We do not anticipate an oil market shortfall following OPEC+ measures beginning in May.
Russia’s oil tax income has increased because to a decreased usuals discount.
Russia’s gas condensate output is expected to fall in 2023.
Russia plans to reduce oil and gas condensate output by 20 million tons to 515 million tons in 2023.
In April, Russia reached the required level of oil output reduction.
In 2023, Russia plans to divert 140 million tons of oil and oil products intended for Europe to Asia.
Russian Novak Statement Reaction on Market
WTI is trading at $74.70 per barrel. on the above comments. US oil is up 0.45% on the day.
