Russia’s oil output falls in Feb, below OPEC+ quota increase – Bloomberg


Russia’s crude oil production dropped in February, below its OPEC and allies (OPEC+) oil-output target for the first time since the historic curbs began last May, Bloomberg reports, citing preliminary data from the Energy Ministry’s CDU-TEK unit. 

Additional takeaways

“The nation produced 38.56 million tons of crude and condensate in February. That equates to 10.095 million barrels a day, based on a 7.33 barrel-per-ton conversion ratio.”

“February, Russia’s first month of over-compliance with the deal, brought abnormally cold temperatures. The nation’s crude pipeline operator, Transneft PJSC, regularly recorded lower crude flows at some Siberian intake points over the month, citing frigid weather as one of the reasons.”

“Russia and close oil ally Kazakhstan were allowed to produce more in February and March under the deal reached between the Organization of Petroleum Exporting Countries and its partners. Russia’s quota rose by 65,000 barrels a day in February, and will do so again this month.”

Market reaction

Amid broad risk aversion, WTI drops 1% to test the $60 mark, shrugging off the upbeat Russian oil output data.

Reports that the OPEC+ is looking to increase oil output at its March 4 meeting keep the oil traders overwhelmed.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Take advantage of market volatility!
with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Complex candlesticks trouble bulls above 1.2000, ECB in focus

EUR/USD picks up bids to intraday high ahead of the week’s key event. ECB is expected to offer no fireworks but the BOC move keep momentum traders hopeful. Gravestone, followed by Dragonfly, test bulls between the key SMA, inside monthly rising channel.

EUR/USD News

GBP/USD trades above 1.39 as the dollar takes a breather

GBP/USD has bounced back above 1.39, recovering as the dollar cedes some ground. The greenback benefited from the risk-off mood, while the pound struggles after CPI missed with 0.7% and as UK PM Johnson warns of winter covid wave.

GBP/USD News

EUR/USD: Complex candlesticks trouble bulls above 1.2000, ECB in focus

EUR/USD picks up bids to intraday high ahead of the week’s key event. ECB is expected to offer no fireworks but the BOC move keep momentum traders hopeful. Gravestone, followed by Dragonfly, test bulls between the key SMA, inside monthly rising channel.

EUR/USD News

Enjin Coin price shakes off selling pressure, primed for a 25% rally

Enjin Coin price outlook has shifted to neutral. It is on the verge of completing a high probability bottoming pattern, showing a positive divergence from some of the other cryptocurrencies that have printed new correction lows over the last couple of days. 

Read more

European Central Bank Preview: Five reasons for Lagarde to lift the euro

The German ZEW Economic Sentiment, the Sentix Investor Confidence and Markit's Purchasing Managers' Indexes have been rising and surprising to the upside in recent months. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures