IEA disclosed volumes of reduction in oil production in Russia and oil exports from the country in May
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The International Energy Agency (IEA) reported that oil production in Russia in May 2023 decreased by 150 thousand barrels per day (b / d), to 9.45 million b / d, oil exports also decreased – by 260 thousand bpd /With. Such data are contained in the official monthly report of the IEA (.pdf) on the state of the oil market.
The IEA notes that in April this year, Russian production amounted to 9.6 million bpd, in May it fell to 9.45 million bpd. Accordingly, the decrease amounted to about 150 thousand bpd.
“Russian oil exports in May fell by 260,000 b/d to 7.8 million b/d, which remained virtually unchanged compared to last year. Oil exports rose by 90,000 b/d to 5.2 million b/d, while oil product exports fell by 350,000 b/d to 2.6 million b/d,” the IEA documents say. .
In February, it became known that Russia would cut oil production by 500,000 barrels per day. Deputy Prime Minister Alexander Novak said that this year Russia will reduce oil and gas condensate production to 515 million tons, which is 20 million tons less than in 2022. Following Russia, Algeria, Iraq, Kazakhstan, Kuwait, the United Arab Emirates, Oman and Saudi Arabia have promised to cut production.
On June 4, Mr. Novak announced that Russia will extend voluntary reduction of oil production by 500 thousand b/d until the end of December 2024, it will be calculated from the quota for the next year. The deputy chairman of the Russian government stressed that this decision was made in the course of a dialogue with all members of the alliance OPEC+, Russia had no disputes or serious disagreements with Saudi Arabia and other parties to the agreement.
According to information Kasatkin Consulting (ex-Deloitte in Russia), in 2024-2030, Russian oil companies need to increase investments by 62 billion rubles. per year to maintain the current level of oil production. According to Kasatkin Consulting, the largest players in the oil and gas market can increase investment in the industry. According to the forecast, investments of multinational companies (ExxonMobil, Shell, Chevron, BP, TotalEnergies, Eni, Equinor) in 2023 will grow by 4.4%, to $115.3 billion, national companies (SaudiAramco, CNPC, NIOC, Petrobras, PDVSA, Gazprom, Rosneft) — by 10%, to $154.3 billion.
More about this – in the material “Kommersant” “Quot a new twist”.
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