in January, Russia met OPEC+ targets to reduce oil exports – Kommersant
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Russia met its goals to reduce oil exports in January as part of the OPEC+ agreements, writes Bloomberg with reference to sources. According to them, daily oil exports in January amounted to 307 thousand barrels per day (b/d), decreasing by 42 thousand tons compared to the average values of May-June 2023.
In January, crude oil supplies from Russia amounted to 626 thousand tons per day (4.59 million b/d), the sources said, adding that these figures include exports by sea. According to the OPEC+ agreements, Russia must reduce daily oil exports by 500 thousand barrels, 300 thousand of which are supplies of crude oil, the rest – supplies of petroleum products.
At the end of November 2023, OPEC+ countries agreed to extend the reduction in oil supplies. Saudi Arabia has pledged to reduce oil exports by 1 million bpd. Russia increased the reduction to 500 thousand bpd, and the rest of the organization’s countries collectively reduced oil exports by 500 thousand bpd. The agreement is valid until March 2024. According to Bloomberg, Kazakhstan and Iraq did not fulfill their promises to reduce exports in January.
Read more in the Kommersant article. “Oil of undetermined purpose”.
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