International oil prices remained firm, peace negotiations reached a stalemate, and Russian oil production hit a new low in nearly two years

On Wednesday (April 13), international oil prices held firm after Russia said peace talks with Ukraine were deadlocked, while US President Joe Biden said for the first time that Moscow's invasion of Ukraine amounted to genocide, adding to supply concerns
.
Russian oil and condensate production fell below 10 million b/d, the lowest since
July 2020.

International oil prices held firm on Wednesday (April 13) after Russia said peace talks with Ukraine had stalled, adding to supply concerns
.
This was despite weak economic data from Japan limiting gains
.

At 16:53 Beijing time, NYMEX crude oil futures rose 0.
33% to $100.
93 per barrel; ICE Brent crude futures rose 0.
49% to $105.
17 a barrel
.

Japan's core machinery orders fell sharply in nearly two years in February, Japan, reported on Wednesday, dragged
down by a sharp drop in demand from IT and other service companies.
Still, lower Russian crude and condensate production supported oil prices
.
The Organization of the Petroleum Exporting Countries (OPEC) has warned that it is impossible to compensate for the potential loss
of oil supplies from Russia.

Russia's statement on negotiations and US President Joe Biden's accusations against Russia reinforce expectations that the situation in Russia and Ukraine will not ease soon
.
Jeffrey Halley, senior market analyst at OANDA, said: "Oil prices have limited downside
.
”

Russian President Vladimir Putin accused Ukraine on Tuesday (April 12) of sabotaging peace talks and said Moscow would not abandon the so-called "special military operation"
.
And US President Joe Biden said for the first time that Moscow's invasion of Ukraine amounted to genocide
.

Russian oil and condensate production fell below 10 million b/d, the lowest since July 2020, and the International Energy Agency said on Tuesday that it expects Russia's oil production to lose an average of 1.
5 million b/d in April, rising to nearly 3 million b/d
starting in May.

The United States and Britain have already imposed bans on Russian oil, while Western sanctions on Moscow's financial institutions have made it difficult
to pay for Russian oil purchases.
Western sanctions and logistical restrictions on Russia hinder trade
.

Rosneft, Russia's largest oil producer, saw the biggest drop in output by output, falling from 3.
35 million b/d in March to 2.
87 million b/d
on April 1-11, the sources said.