Bloomberg: Russia halts oil productions in some wells and keeps production data secret
Russian oil data showed a jump in the number of stopped wells in March, adding to the uncertainty about whether the country is really going to cut crude oil production as it promised.
Moscow pledged to cut production by 500 thousand barrels per day in response to sanctions imposed by the West on energy to support the price of its oil.
Russian Deputy Prime Minister Alexander Novak said that the production cut was implemented by the end of March and continued until April, but official production data is withheld and tanker monitoring does not show a similar decline in seaborne exports.
And with oil futures falling below $70 a barrel in New York today, Wednesday, due to concerns about the risk of a recession and weak demand, the question of whether Moscow is violating the OPEC Plus agreement to cut production has become more necessary.
