Oil production in the Russian Federation in October remained at the level of 9.5 million bpd – Kommersant
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Oil production in Russia at the end of October remained at the level of July-September and amounted to 9.5 million barrels per day (b/d), follows from report OPEC. Meanwhile, in October in the Russian Federation, the production of liquid hydrocarbons increased by 55 thousand b/d, the organization noted.
OPEC maintained its forecast to reduce liquid hydrocarbon production in Russia in 2023 by 0.4 million bpd (to 10.6 million bpd). The organization expects approximately the same level of production in 2024. The forecast takes into account all cuts announced by Russia.
According to OPEC estimates, the production of liquid hydrocarbons in the Russian Federation in the first quarter of 2023 amounted to 11.19 million bpd, in the second – 10.86 million bpd, in the third – 10.78 million bpd, in the fourth – 9, 62 million b/d.
The agreement on a joint production reduction by 1.4 million bpd began to take effect between OPEC+ countries in the summer of 2023. Russia has pledged to reduce exports by 500 thousand b/d. Deputy Prime Minister of the Russian Federation Alexander Novak reportedthat from January 2024, supplies of oil and petroleum products will also be reduced by 500 thousand bpd.
Read more about obligations to reduce oil production in the material “Less is better”.
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