Russia’s oil minister Novak comments that a gradual easing of oil production cuts is possible from July 1. He will discuss with Saudi’s Falih the gradual exit from the global oil production cut deal. Russian oil companies have been out and loud about their ability to raise production quickly.
Head of the Central Bank of Russia Elvira Nabiullin says that the Russian economy and ruble have become less dependent on oil markets. This comes at a time when Russian oil giants are getting record prices, but not commesurate profits with the price of crude in rubles at an all-time high. Questions remain.
Oil analysts speculate over OPEC capabilities, shale production and product demand in hopeful scenarios to satisfy a bullish investor environment. The reality is with the U.S. shale presence Russia and Saudi Arabia exports matter and Chinese oil refineries are the prize.