The Russian Federation reduced oil production in November by 30 thousand barrels per day, to 9.5 million – Kommersant
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Oil production in Russia in November fell to 9.5 million barrels per day, by 30 thousand, the report says. materials International Energy Agency (IEA). The price of Urals oil fell below the price ceiling of $60 per barrel.
Russia’s export revenues fell by 17% by October, to $15.2 billion, the agency believes. This figure has not been seen since July 2023. Revenues from oil exports decreased by $2.4 billion, to $10.3 billion, and from petroleum products – by $800 million, to $4.9 billion.
“Export prices for Russian oil fell sharply in November, and a steady decline finally led to Urals prices falling below the price cap on December 6. “Ъ”) at $60 per barrel,” says the IEA materials. The main reason for the drop in the value of Urals was the decrease in the price of Brent. However, the discount on Urals to Brent increased by $2 per barrel.
As the IEA notes, the Russian Federation promised to reduce exports by 300 thousand barrels per day by May–June 2023 from September to the end of 2023. According to the agency, Moscow exported 7.2 million barrels of oil per day in November, compared with an average of 7.4 million in May-June.
OPEC and OPEC+ previously excluded IEA data from their calculations. These have been replaced by information from Wood Mackenzie and Rystad Energy. Deputy Prime Minister Alexander Novak explained this by the bias of the IEA.
About the obligations of OPEC+ countries to reduce oil production – in the material “Kommersant” “Less is better”.
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