Russian oil production could fall as much as 17% in 2022, according to an economy ministry document, as it contends with Western sanctions
Oil prices firmed slightly but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.
Both contracts had gained 30c on Wednesday on concerns over tight global oil supplies and another drawdown in US distillate and petrol stocks. On Thursday the contracts traded in range of about $3 a barrel. Russian oil production could fall by as much as 17% in 2022, according to an economy ministry document seen by Reuters, as the country contends with Western sanctions.“Fears of spluttering economic growth have sent the dollar to highs not seen since March 2020, equity markets are tepid at best, Chinese restrictions have not been erased from the back of investors' minds and these have capped gains in crude oil,” said PVM Oil analyst Tamas Varga.
But Asia’s biggest oil refiner, Sinopec, expects the country's demand for refined oil products to recover in the second quarter as Covid-19 outbreaks are gradually brought under control.
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