Russia in 2023 reduced oil and condensate production by 290 thousand bpd – Kommersant

The Organization of Petroleum Exporting Countries (OPEC) reported that in 2023, Russia reduced oil and condensate production by 0.29 million bpd, to 10.78 million bpd. In 2024, their production will be reduced to 10.77 million bpd, the report says. report OPEC for January.

The material says that in November the production of liquid hydrocarbons decreased by 80 thousand b/d compared to the previous month and amounted to 10.39 million b/d. This is almost 300 thousand b/d below the target level as part of the voluntary commitment to reduce oil production by 500 thousand b/d to the February level.

OPEC raised its forecast for 2024 by 150 thousand b/d, to 10.77 million b/d. In the previous monthly report, the organization assumed that this volume would be 10.62 million bpd. In 2025, analysts predict an increase in oil production by 30 thousand b/d, to 10.81 million b/d.

At the end of November 2023, Russia became the largest supplier of oil to China – 21% and 38% of total imports, respectively. The share of supplies to Saudi Arabia was 16%, to Iraq – 10%, to Malaysia – 9%.

Bloomberg previously wrote that Russia is rapidly increasing oil drilling, despite sanctions. The agency also reported that in 2023 Moscow earned more from oil trading than before the introduction of a price ceiling on it by the G7 countries and the European Union.

More details in the text “Kommersant” “There is no trick against the drill”.

Petr Buzlaev