Russia, as part of OPEC+, is cutting oil output in Q2 to align with other member countries, aiming to balance production cuts. The move has led to a spike in oil prices, with Brent and WTI seeing significant gains. Novak, the Deputy Prime Minister of Russia, announced the decision to deepen oil output cuts and increase refinery output capacity. Talks are ongoing regarding supplies from Arctic LNG 2, and damaged equipment at Norsi oil refinery may resume operations soon. Wall Street banks predict further price gains as oil prices wrap up Q1 with a 16% increase, driven by easing oversupply concerns.
#oil likewise as my key bullish pick did well, conquering $82.50 on rising volume and no selling into the close. $WTIC would be more resilient to 10y interest rate increases, which are sure to follow Powell‘s speech. Note how well #energy is still doing,and will be continuing so. https://t.co/NWwCgZrzQw
Big three oil exporters add tightness to global supplies in March Crude and refined products exports from the top seaborne exporters are lower so far in March and adding supply tightness to global oil markets. #OOTT https://t.co/hVvBcIwqxp https://t.co/AgkopfQP40
Oil Stocks Have Jumped. This Is the Case for More Gains. https://t.co/EFWy943H2F
#Russia has decided to focus on reducing oil output rather than exports in the second quarter in order to evenly spread production cuts with other #OPEC+ member countries, Deputy Prime Minister Alexander Novak says. https://t.co/aEnJUkKzKr
Bullish oil https://t.co/Sik2l868QD
Russia reducing oil production in Q2 to comply with other OPEC+ countries; if there is a market imbalance it can increase it - Novak https://t.co/qLG5TlIcep
Novak: #Russia will cut oil output in Q2 to catch up with other #OPEC+ countries #oott https://t.co/CoZWqpbJ58
⚠️OIL PRICES WRAP UP Q1 WITH A GAIN OF 16% AS RUSSIA CUTS EASE OVERSUPPLY WORRIES https://t.co/Eauvez76aE 👈 $CL_F #OOTT https://t.co/os1Xl0tZ60
NOVAK: WE, JOINTLY WITH RUSSIAN RAILWAYS, MINISTRY OF TRANSPORT, ARE WORKING TO RESOLVE THE ISSUE OF OIL PRODUCTS TRANSPORTATION FROM REFINERIES
NOVAK: RUSSIAN OIL REFINERIES HAVE INCREASED OUTPUT USING AVAILABLE CAPACITY
NOVAK: TALKS ABOUT SUPPLIES FROM ARCTIC LNG 2 ARE UNDER WAY NOVAK: DAMAGED TURBINE AT NORSI OIL REFINERY MAY RESUME OPERATIONS IN A MONTH OR TWO, NECESSARY EQUIPMENT IS PRODUCED IN RUSSIA
NOVAK: RUSSIA HAS DECIDED TO DEEPEN OIL OUTPUT CUTS IN Q2 IN ORDER TO CATCH UP WITH OTHER OPEC+ COUNTRIES
RUSSIA'S NOVAK: RUSSIAN OIL PRODUCERS WILL REDUCE OIL OUTPUT IN Q2 IN LINE WITH THEIR PRODUCTION SHARE
Oil: OPEC+ cuts are working • Curbs flipped market from supply surplus to shortages • Price is up to $87 today from $76 at the beginning of the year • Wall Street banks are predicting more price gains https://t.co/gntu4G9pBo https://t.co/J9kocazrv5
Market Alert | Brent, WTI Crude see sharp spike on tighter supply outlook👇🏾 #Oil #Brent #WTI https://t.co/fxnTPAIMjH