volumes of Russian oil exports do not indicate a reduction in production – Kommersant
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The four-week average offshore exports of Russian oil stood at 3.64 million bpd (bpd) by May 28, down for the first time in six weeks. At the same time, the indicator still exceeds the level of the end of last year by 1.4 million bpd and by 270 thousand bpd the February level of exports, reports Bloomberg. The agency believes that the May figures for Russian oil exports still do not indicate a reduction in its production, which the Russian authorities spoke about.
In February, Deputy Prime Minister Alexander Novak announced that Russia would cut oil production by 500,000 barrels per day in March. Then cut was extended until the end of 2023. In addition, together with Russia, to reduce production in May by a total of 1.6 million b/d agreed Saudi Arabia, Iraq, UAE, Kuwait and other OPEC+ countries.
At the same time, the OPEC report stated that in March Russia reduced production by only 300 thousand bpd. Earlier today, May 30, the Vedomosti newspaper, citing two sources informedthat in April 2023, 627 oil wells were commissioned in Russia. Compared to the same period in 2022, the indicator increased by 16.5%. The Wall Street Journal May 28, citing sources wrotethat Saudi Arabia was unhappy because Russia did not fully fulfill the promise to cut production.
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