Russia voluntarily cut oil exports by 500,000 barrels per day – Kommersant

Russia has voluntarily cut oil exports by 500,000 barrels per day (bpd), said Saudi Arabian Energy Minister Abdulaziz bin Salman. According to him, monitoring of energy production in Russia will be carried out on a monthly basis based on seven independent sources.

“As Chairman of OPEC+ and Secretary General of OPEC, I have worked diligently with seven independent sources to determine the volume of oil production in Russia. And this will be done on a monthly basis,” said Abdelaziz bin Salman at the eighth OPEC+ International Workshop (quoted from TASS). He added that Russia is indeed fulfilling its obligations to voluntarily reduce oil production.

On June 4, Russian Deputy Prime Minister Alexander Novak announced that Russia would extend a voluntary reduction in oil production by 500,000 barrels per day until the end of December 2024, it will be counted from the quota for the next year. Mr. Novak stressed that the decision was made in the course of a dialogue with all members of the OPEC + alliance, there were no disputes or serious disagreements between the Russian Federation and Saudi Arabia and other participants in the agreement. July 3, Mr. Novak announcedthat Russia will voluntarily reduce oil exports by 500,000 bpd in August. The Wall Street Journal in May, citing sources reportedthat the authorities of Saudi Arabia are unhappy with the fact that Russia has reduced oil production less than stated.

In June, the International Energy Agency (IEA) reportedthat oil production in Russia in May 2023 decreased by 150 thousand b/d, to 9.45 million b/d, oil exports — by 260 thousand b/d. The IEA noted that in April of this year, Russian production amounted to 9.6 million bpd, in May – 9.45 million bpd.

More details – in the publication “Kommersant” “Where I got it, it came in handy there”.

Olesya Pavlenko