Russia’s oil production fell by 100,000 bpd in June compared to May, to 9.5 million bpd – Kommersant
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In June, the average volume of production of liquid hydrocarbons in Russia decreased by 100 thousand barrels per day compared to May, to 10.8 million bpd. Of these, 9.5 million b/d came from oil and 1.3 million b/d from condensate, follows from the monthly report (.pdf) Organization of Petroleum Exporting Countries (OPEC).
According to the OPEC forecast, in 2023 the Russian Federation will reduce the production of liquid hydrocarbons by 650,000 bpd to 10.4 million bpd. Last month, the organization forecast a decline of 750 thousand b/d. It is noted that the forecast takes into account the voluntary reduction in oil production, which was previously announced by Russia.
In 2024, Russia, according to the OPEC forecast, will keep the production of liquid hydrocarbons at the level of 10.4 million bpd. The Russian Federation plans to increase production at several fields and launch some projects of Rosneft, RussNeft, LUKOIL, Gazprom, Neftisa and Resurs Tendera, the report says. OPEC expects this to be offset by production cuts at some mature fields.
In the OPEC report, published in July, it was reported that the production of liquid hydrocarbons in Russia in May decreased by 49 thousand bpd compared to April, to 10.9 million bpd. Of these, 9.6 million b/d was oil and 1.3 million b/d was condensate.
In May, several OPEC+ countries agreed to a voluntary cut of 1.66 million b/d combined. Initially, the measure was introduced until the end of 2023, but then it was extended to 2024. Russia extended the production cut by 500,000 barrels per day for the same period. In August, the Russian Federation voluntarily will reduce oil exports by 500 thousand b/d in addition to the previously announced reduction in the same volume, and in September by 300 thousand b/d.
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