Russia Hasn’t Made Its Pledged Crude-Output Cuts, the IEA Says
- Russia needs to cut 300,000 b/d in May to reach target: IEA
- Energy Ministry data says cuts exceeded 400,000 b/d in April
This article is for subscribers only.
Russia hasn’t implemented its pledged crude-output cuts, with exports hitting a postwar high as Moscow seeks to boost energy revenue to fund military spending, according to the International Energy Agency,
The Kremlin promised to cut production by 500,000 barrels a day in March and maintain the curbs for the rest of the year in retaliation for Western sanctions. While Russia’s Energy Ministry said the cuts were close to that target last month, tanker-tracking data have shown record export volumes by sea while domestic crude processing is only beginning to drop amid refinery maintenance.