According to the Russian news agency, Interfax (IFX), the country’s oil production in the first week of May is likely to fall to 8.7 million barrels per day (bpd).
Earlier this week, Reuters cited two sources familiar with the data, saying that Russia’s oil output in the first five days of May fell to 8.75 million bpd, close to its production target of 8.5 million bpd for May and June, in accordance to the OPEC+ output cut deal.
Deputy Energy Minister Pavel Sorokin had said in an online interview that domestic oil producers are striving to reach the target as soon as possible.
Market reaction
Both crude benchmarks are holding sizeable gains, with WTI trading around 24.50 while Brent oil battles 30.00.
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