Russia’s Novak: Can hike production by 500k bpd in the near future, WTI trims recovery gains

Dhwani Mehta FXStreet

On Tuesday, Russia’s Energy Minister Alexander Novak said that they can raise oil production by 500k barrel per day (bpd) in the near future.

Further comments

The door is not closed for OPEC+ cooperation.

OPEC call for deeper cuts is what led to disagreement.

Russian oil market remains competitive amid lower oil prices.

This comes after Saudi oil giant Aramco said that they will supply its customers with 12.3 million bpd in April vs. 9.7 million bpd at present.

WTI reaction

The US oil cut its recovery gains on the negative headlines to now trade below $32.50, gaining 4% intraday. In Asia, WTI rebounded nearly 8% after Monday’s over 30% dramatic fall.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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