For the Global Oil Market, Russia’s Output Cut Isn’t Happening
- Shipping data offer scant evidence of Russias pledged cuts
- Crude shipments are up, fuel flows down within seasonal norms
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Wherever you look outside of Russia, there is precious little sign of the oil production cut that President Vladimir Putin and other government officials say is underway.
For Russia’s allies in the OPEC+ grouping, who’ve committed to cutting their own output to prop up oil prices, the fact the country isn’t withdrawing supplies from the global market may be a source of frustration.