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Morgan Stanley analysts this week lowered their Brent forecast for the end of the year from $87.50 to $75 a barrel, citing a demand surge from China being already played out, as well as Russia's still-high oil production.
In February, Russia said it would cut production by 500,000 barrels a day. And last month, it pledged to extend those cuts, claiming retaliation for Western sanction. Meanwhile, Saudi Arabia and other members of OPEC+ announced reductions in output quotas too. To be sure, exporting more oil isn't the same as pumping more oil out of the ground. And it's possible Russia could be cutting production while boosting exports in the short term, with a drop-off coming later.according to BloombergAnd on Thursday, Deputy Prime Minister Alexander Novak reaffirmed Russia's pledge to cut production, saying reports of higher tanker shipments don't account for lower pipeline shipments.
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