Page 112 - RusRPTSept23

9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
9.1.1b Oil sector news
Oil production in Russia declined as of the end of June by 100,000 barrels daily to 9.5mn barrels per day, the Organization of Petroleum Exporting Countries (OPEC) said in its report. Russia therefore fully met commitments on voluntary reduction of oil production within the OPEC+ framework in June. OPEC estimated oil production in Russia at 9.6mn barrels per day in May 2023.
● Production
As of August the implied crude shortfall has really accelerated with the latest 4-week average showing draws of close to 5mbd. About 2mbd come from onshore tanks, with China having shifted from a stockbuilding to a stockdrawing pattern. And an even bigger figure is emerging for crude oil at sea.
RUSSIA Country Report September 2023 www.intellinews.com