The Kremlin pledged to cut crude output by 500,000 barrels a day in March and maintain it through to December in retaliation for Western restrictions, which include a price cap imposed by the Group of Seven industrialized nations. Yet so far, crude flows from ports have shown little evidence of output cuts.
The Energy Ministry’s data show the country pumped a daily average of 1.319 million tons of crude in April, the people said, asking not to be identified because the figures aren’t public. That’s equivalent of 9.67 million barrels a day, based on 7.33-barrels-per-ton conversion rate and means that crude production was 443,000 barrels a day lower than in February, the baseline for the cuts.
Russia’s Energy Ministry didn’t immediately respond to requests for comment.
Russia classified its oil statistics last year due to their “sensitive” nature amid sanctions against its economy, making it difficult to assess the implementation of its production pledges beyond the assurances of energy officials. Oil market watchers have been closely monitoring the country’s seaborne crude exports and supplies to domestic refineries to understand whether the nation has been following through on its promises.
Russia’s four-week average seaborne shipments rose in the period to May 5 to the highest since Bloomberg began tracking them in detail at the start of 2022. Volumes of crude being processed in the country’s refineries declined 1.4% in April from the previous month amid seasonal maintenance, according to data seen by Bloomberg.
The Energy Ministry said that the nation’s total April production of crude oil and condensate averaged 1.450 million tons a day, the people said, which is equivalent to 10.63 million barrels a day. That compares with 11.1 million barrels a day in February, according to Bloomberg calculations.
Source: https://finance.yahoo.com/