Info via Oil price:
- At the latest OPEC+ meeting at the end of November, Russia said it would deepen the export cut to 500,000 bpd in the first quarter of 2024 – with May and June 2023 being the reference export levels for the cut.
- The first week of 2024 showed Russia ... average exports of 3.28 million bpd were down by 300,000 bpd from May-June 2023, and down by 500,000 bpd compared to the previous week to December 31.
Looking ahead it's a little more uncertain says the report:
- It’s not clear whether Russia will keep its exports as low as planned going forward as Moscow has always been evasive about its compliance with the OPEC+ agreement, even before the Russian invasion of Ukraine.
Earlier today we had inventory data:
Crude has inched higher:
