June 6, 2023 | Daily JAM |
The Russian government insists that the country has cut oil output as promised. But all the available numbers day that Russian crude oil is flowing at above levels agreed with OPEC. Of course, it’s hard to tell because Russia has stopped reporting key export figures. Russia restricted oil-output data last year due to its “sensitive” nature. And Russia’s Federal Statistics Service stopped publication of crude and condensate output earlier this year until April 2024, following a government decree. That has left oil industry analysts seeking to extrapolate Russia’s crude exports from data such as seaborne shipments. From that indicator it looks like Russian crude flows to international markets are more than 1.4 million barrels a day higher than they were at the end of last year.
November 12, 2018 | Daily JAM, Morning Briefing, Short Term |
Yesterday, Sunday, November 11, I wrote in my regular Saturday Night Quarterback post on JubakAM.com that news from Sunday's OPEC meeting that Saudi Arabia would cut 500,000 barrels a day from its oil production and exports in December might be enough to get more than...
September 27, 2016 | Daily JAM, Morning Briefing, Short Term |
Ahead of tomorrow’s OPEC “consultations” in Algiers, Saudi Arabia put an offer on the table today to reduce oil production to January levels and Iran rejected it. Iran wants to increase its current production of 3.6 million barrels a day to 4 million barrels, the level before international sanctions devastated the country’s oil exports. The Saudi offer would have reduced Saudi Arabia’s production by 500,000 barrels a day, but only if other OPEC members agreed to freeze production at current levels.
