Russia to boost oil supply… WSJ – Commodity Research Group

July 3, 2018 by Jim Colburn Leave a Comment

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.”

Commodity Research Group (CRG), founded by veteran analyst Edward Meir, is an independent research consultancy specializing in base and precious metals, as well energy products. The Group provides research and general price analysis for these markets, along with advice to companies seeking to construct commodity hedging strategies.

Our associates bring decades of experience to the table, as they seek to help our clients understand the markets. CRG will distill the myriad of pricing variables mentioned above into coherent research that is to-the-point and tailored to a clients hedging or pricing needs. In addition, CRG is available for consulting assignments and speaking engagements. CRG does not manage money or trade for itself.

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