VET:CC - Counting barrels - Russia and Norway see oil production weaken

Russian oil production, and the impact of sanctions, have been a source of uncertainty in oil markets since the war in Ukraine began; Thursday OilX and Bloomberg indicated Russian production fell by 1mb/d in early April, with impacts set to accelerate as contracted cargoes roll off (USO) (XLE). Also Thursday, the Norwegian Petroleum Directorate announced production figures for March, with liquids volumes missing targets by 181kb/d, and falling from February levels by 38kb/d (EQNR). Of note, Norwegian natural gas production exceeded targets for the third month in a row (SHEL) (VET). Around 500kb/d of Libyan oil production remains offline, following protests earlier in the week. With IEA data showing a 1.5mb/d deficit market in February, demand accelerating into the summer travel season, and additional production losses coming from Libya, Norway and Russia, the sources of supply needed to balance oil markets remain difficult to find.

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Counting barrels - Russia and Norway see oil production weaken