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Thursday, May 28, 2020

Bloomberg learned about Russia’s refusal to increase oil production :: Economy :: RBC

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Earlier it was reported that Russia could increase oil production by 200-300 thousand barrels. per day. However, according to a Bloomberg source, in the current environment, it makes no sense for Russian companies to increase production





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Although the agreement on limiting oil production within the OPEC + framework has lost its force on April 1, Russia does not plan to increase oil production, informs Bloomberg with reference to an official of one of the relevant ministries. The interlocutor of the agency connected this with a huge overabundance of supply on the market, so for Russian companies in such conditions there simply does not make sense to increase production volumes. A RBC source close to one of the relevant ministries confirmed this information.

The representative of the Ministry of Energy has not yet responded to a request from RBC.

Bloomberg He called such a decision potentially peaceful, but an official who wished to remain anonymous noted that Russia has not yet been negotiating with Saudi Arabia to end the price war. About the same declared on Wednesday, spokesman for the Russian president Dmitry Peskov.

Minister of Energy of Russia Alexander Novak saidthat Russian companies are able to increase production by 0.2–0.3 million barrels, up to 11.6–11.7 million barrels. per day, i.e. less than 3%. At the same time, Saudi Aramco stated about plans to increase deliveries to the market from April 1 immediately by a quarter, to 12.3 million barrels., and having begun to provide discounts to customers.


Putin and Trump over the phone discussed coronavirus and oil prices



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