Putin underlines rising Russian gas output amid OPEC+ oil production reductions
Date
5/21/2024 3:33:17 AM
(MENAFN) Russian President Vladimir Putin announced that Russian gas production experienced a significant increase of eight percent in the first four months of the year, reaching a total of 246.4 billion cubic meters. In a televised speech delivered during a meeting of senior oil officials, Putin also reported a 1.8 percent decrease in Russian oil production since the beginning of the year, bringing the total to 195.7 million tons. This decline is primarily attributed to the production cuts agreed upon under the OPEC+ agreements.
In March, Russia declared its intention to gradually reduce oil production and exports in the second quarter, aiming for a reduction of up to an additional 471,000 barrels per day by June 2024. As markets closely monitor the actions of OPEC and its allies within the OPEC+ framework, anticipation builds for the upcoming meeting in early June. It is widely expected that the alliance will decide to extend the current production cuts into the second half of the year. Some OPEC+ members are also pushing to increase their production capacities.
Goldman Sachs has forecasted that the OPEC+ alliance is unlikely to announce a partial reversal of voluntary production cuts in June. The investment bank noted that a recent increase in inventories was unexpected, and as a result, their model now suggests only a 37 percent probability that OPEC+ will decide to boost production in the upcoming meeting.
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