Russia will increase the reduction in oil exports in December – Kommersant
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Russian Deputy Prime Minister Alexander Novak said that the Russian Federation will increase the volume of reduction in oil and petroleum products exports in December. As part of the OPEC+ agreement, Russia promised to expand the reduction in oil exports from January 2024.
“Officially, we have 300 thousand b/d – additional obligations (to reduce exports.— “Ъ”), and for the first quarter – 500 thousand b/d. But we will be adding additional volumes in December – it will be more than 300 thousand b/d. How much – we’ll see based on the December results, maybe an additional 50 thousand b/d, maybe more,” Mr. Novak told reporters (quoted from “Interfax”).
The Deputy Prime Minister refused to say whether we are talking about voluntary layoffs of Russian companies or whether the Ministry of Energy will give recommendations on reducing supplies.
Mr. Novak added that due to obligations to OPEC+, the volume of oil exports for 2023, 247 million tons, included in the September forecast of the Ministry of Economic Development, will be reduced. He stated that this figure is still being clarified and he will not be able to give it now.
The Deputy Prime Minister noted that oil production in Russia remains at the level determined under the OPEC+ agreements. The Russian Federation agreed to keep oil production 500 thousand b/d below the February level, which, according to the organization, is 9.95 million b/d. Mr. Novak said that oil production in the Russian Federation will correspond to the established level in January.
Russia, within the framework of the OPEC+ agreement in force since the summer, promised to maintain a reduction in exports by 300 thousand bpd from September until the end of the year compared to the average level of May-June. At the end of November, members of the organization reached a new agreement, within the framework of which the Russian Federation agreed increase the reduction in oil supplies to 500 thousand bpd until the end of the first quarter of 2024.
Read more about the situation on the energy market in the material “The IEA expects China to support oil demand”.
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