Russia to boost oil supply… WSJ

by Jim Colburn • Tuesday, July 3, 2018

Anatoly Kurmanaev, Wall Street Journal, has a nice piece on Russia’s response to the recent OPEC meeting here

”Russia joined last month with OPEC in agreeing to open the taps, and was already inching its output upward. It produced 10.97 million barrels a day in May, according to the Russian energy ministry, about 60,000 barrels a day above the level that it agreed to in 2016, when it joined OPEC in the deal to reduce supply to boost prices.”

And, this:

”The countries have yet to decide how the quotas will be distributed. Russian Energy Minister Alexander Novak has said the country hopes to expand output by 200,000 barrels a day, clawing back two-thirds of what it initially agreed to cut back in 2016. Estimates of what it might be able to deliver on top of that vary. Goldman Sachs forecasts Russia’s overall spare capacity—essentially idle fields that can be turned on quickly—at about 500,000 barrels a day.”

 

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