By Vladimir Soldatkin, Olesya Astakhova
3 Min Read Russia has restored almost 45% of production cuts Russia struggled to raise output in February Russian oil production on the rise in March so far
MOSCOW, March 11 (Reuters) - Russia, the world’s second biggest oil producer, has found it tough to raise output swiftly this year after cutting back by a fifth in mid-2020 during a pandemic-driven collapse in demand, showing that Moscow is a long way from becoming a swing producer.
Saudi Arabia has often been cast in the swing producer role with an ability to turn its oil taps off and on again in response to market price moves.
Saudi Arabia said some of the world’s most protected oil infrastructure came under missile and drone attack in an escalation of regional hostilities that pushed up crude prices. The attacks on Sunday were intercepted, Saudi Arabia said, and oil output appeared to be unaffected. But the latest in a spate of assaults claimed by Iran-backed Houthi rebels briefly pushed oil prices above $70 a barrel for the first time since January 2020 and will likely complicate efforts by US President Joe Biden to engage in nuclear diplomacy with Iran. The attacks are the most serious against Saudi oil installations since a key processing facility and two fields came under fire in September 2019, cutting production for about a month and exposing the vulnerability of the kingdom’s petroleum industry. Yemen’s Houthi fighters claimed responsibility for that attack although Riyadh and Washington pointed the finger at arch-rival Iran. The US held back from military confrontation and said at the time
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India is saddened by the Opec+ decision to continue cutting production, said Petroleum Minister Dharmendra Pradhan on Friday. It (The decision) is not good news for India, China, Japan, Korea and other consuming nations,” he said at the sidelines of a CERAWeek event. After the Opec decision, one million barrels per day of crude oil production from Saudi Arabia will remain in place at least through April. Russia and Kazakhstan are increasing production. We still appeal to the oil producers and (say that) an alternative could be found. But if you continue to push us (consumers) it is not in the interest of both sides. High oil prices could benefit a group of producing nations but if you push customers that could lead us to find alternatives.
DUBAI, March 4 Opec and its allies in will decide today whether to freeze oil output or raise it slightly from April as a recent price rally is clouded by concern over the fragility of economic recovery during the Covid-19 pandemic. The market has been expecting the Opec+ group of producers to.