Putin reported the risk of Russia losing its share in the oil market – Kommersant
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Russian President Vladimir Putin said that the Russian Federation risks losing its share in the oil market because Russian oil production is declining, while in other countries, including the United States, it is growing. The President said this at a meeting with the winners of the Leaders of Russia management competition, reports press service Kremlin.
March 3, Deputy Prime Minister of the Russian Federation Alexander Novak reportedthat Russia will further reduce oil production and exports by a total of 471 thousand bpd in the second quarter of 2024 in coordination with some OPEC+ member countries. Earlier in the day, several countries of the organization, including Saudi Arabia, Kuwait, Algeria and Oman, confirmed that they plan to continue cutting oil production in the second quarter.
According to the International Energy Agency (IEA), in January production in Russia decreased by 40 thousand bpd, to 9.44 million bpd. The volumes of Russian exports in January also changed slightly – deliveries amounted to 7.7 million b/d (oil exports decreased by 1% – to 4.84 million b/d, exports of petroleum products increased by 0.5%, to 2.85 million b/d /With).
Read more about the OPEC+ decision in the Kommersant article “OPEC+ will continue production cuts until the summer”.
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