Russia's western oil down to 1.7mln BPD in March (prev. 1.8mln BPD M/M) in preliminary plans, according to data
Newsquawk Staff ·
Russia's western oil down to 1.7mln BPD in March (prev. 1.8mln BPD M/M) in preliminary plans, according to data.
What it means
The reduction in Russia's western oil production to 1.7 million BPD from 1.8 million BPD suggests tightening supply conditions that could influence global oil prices, particularly WTI. This decline, if confirmed, may lead to upward pressure on prices, reflecting the ongoing impact of geopolitical tensions and production adjustments on the market.
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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