Page 181 - RusRPTAug24

and $46bn in 2024-25, respectively, with risks to the upside. Should energy sanctions not be enforced effectively, earnings could grow by $20bn this year and $45bn next
Russia reduced crude oil output by 114,000 barrels per day to 9.139mn barrels per day in June 2024, though its production exceeded the plan within OPEC+ agreements by 161,000 barrels per day, according to OPEC’s monthly report.
Production amounted to 9.301mn barrels per day in April, 9.253mn barrels per day in May, with Q1 and Q2 average reaching 9.431mn barrels per day and 9.231mn barrels per day, respectively.
That said, considering all voluntary output cuts within OPEC+ agreements Russia was to slash production to 8.978mn barrels per day last month. Consequently, Russia exceeded the oil production plan by 161,000 barrels per day.
Total volume of voluntary cuts by OPEC+ reached around 2.2mn barrels per day both in Q2 and in Q1.
Meanwhile, Russia slashed oil supplies to global markets, not production, by 500,000 barrels per day in Q1, while in Q2 both export and output went down. Production and export were to fall by an average of 471,000 barrels per day in three months. In April, Russia’s output reduction was to reach 350,000 barrels per day, while export was to be cut by 121,000 barrels per day. In May, production and export were to be reduced by 400,000 and by 71,000 barrels per day, respectively. In June, only production was to be cut - by 471,000 barrels per day. Consequently, Russia was to produce 8.978mn barrels per day in June.
Russia’s Energy Ministry said earlier that the country’s oil output within voluntary cuts on the OPEC+ agreement was slightly higher in April and May due to technical difficulties of output reduction. However, the issue of overproduction was to be solved in June.
Russia was to present a plan to compensate for outstanding overproduced volumes to the OPEC secretariat.
9.1.1b Oil sector news
● Production
Ukrainian strikes reduced Russian oil refining by 17%, Nato official tells media. Ukraine's drone strikes on Russian oil refinery sites have caused the
181 RUSSIA Country Report August 2024 www.intellinews.com