Russia Halts Some Oil Wells But Keeps Production Data Secret
- The share of inactive wells jumped to highest in 10 months
- Tanker-tracking data show no sign of cut in seaborne exports
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Russian oil data show a jump in the number of idled wells in March, adding another contradictory element to the murky picture of whether the country really is cutting crude production as promised.
Moscow pledged to curb output by 500,000 barrels a day in retaliation for western energy sanctions and to support the price of its oil. Deputy Prime Minister Alexander Novak has said the cuts were implemented by the end of March and maintained in April, but official production data is being withheld and tanker tracking shows no corresponding drop in seaborne exports.