Russia has reduced its crude oil production by 700,000 bpd in March, a person familiar with Russian Energy Ministry figures told Bloomberg.
Crude oil prices started the week steady, with Brent crude trading close to $85 per barrel and West Texas Intermediate at close to $80.50 per barrel as supply constraints came into focus.
Oil prices soared at the start of the week as OPEC+ shocked markets with a production cut announcement, but prices have since been capped by growing fears of demand destruction due to economic woes.
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.
Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand.
Italian oil firm Eni, with its partner PetroCi, has celebrated the sail away of the FPSO Firenze to the giant Baleine oil and gas field offshore Ivory Coast.
Crude oil prices have so far held on to their gains from Monday despite the latest PMI reading for China, which showed a decline in March, suggesting hiccups along the way to recovery.
Several of the world’s largest oil exporters have said they are cutting their production levels, which has caused a leap in crude prices.
The African Energy Chamber (AEC) (http://www.EnergyChamber.org) united financiers and energy stakeholders from the UAE, Middle East and Africa during its Invest in African Energy reception in Dubai on Thursday, aimed at cementing deeper, longer-term and mutually beneficial relations between the two regions and advancing shared interests in diversification, energy security and infrastructure development.
Natural gas prices in the United States fell to a 30-month low last week, dropping to $2 per mmBtu. And, while some producers have curbed drilling, the surplus isn’t going away anytime soon.