Bloomberg: An alliance of countries that includes Russia is cutting oil production to end a global glut. One of the big winners: the nation’s own crude exporters.
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Bloomberg:Russia says its on track this month to fullyimplement the production cuts promised in the OPEC+ accord, yetits crude exports will be almost as high as before the deal,according to consultant ESAI Energy LLC. The irony of thesituation “will not be lost on the Saudis,” ESAI’s principalanalyst Andrew Reed said in a note. As the Middle Easternkingdom keeps a tight lid on its own shipments, Russia will sendmillions of extra barrels overseas in April as its domesticrefineries process less fuel, partly due to prolongedmaintenance at a major refinery owned by Rosneft PJSC, he said.
Progressive Farmer: Under OPEC+ accord, Russia agreed to shoulder more than 50% of the total non-OPEC cuts, which stands at 400,000 bpd. However, it has since struggled to reach the agreed quota, due to reported opposition from domestic oil industry. According to ESAI Energy, Russian crude exports are expected to reach a multi-year high of 5.7 million bpd in April, driven by greater flow of Russian crude into Asia in a bid to expand market share. Higher export rate comes as Russian oil producing companies finally achieved full compliance with their quota of 228,000 bpd cut in March.
Oilfield Technology: Russian crude exports will reach a multiyear high of 5.7 million bpd in April, 400 000 bpd higher than average exports in the previous 5 months, according to a Market Alert released by ESAI Energy. Among other things, unusually high exports have implications for market share in Asia. As the past few years’ fluctuations in Russian exports have shown, unusually high exports are accompanied by greater flows of Russian crude into Asia.