Page 139 - RusRPTJul24

9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
In May 2024, Russia reduced oil production by 119,000 barrels per day (bpd) to 9.182 mln bpd, according to the monthly report of the Organization of Petroleum Exporting Countries (OPEC).
In April, the figure reached 9.301 mln bpd, in March - 9.476 mln bpd, the average level of the first quarter was 9.431 mln bpd, and in 2023 - 9.581 mln bpd.
According to the report, the total volume of oil exports from Russia and Central Asia in April remained generally unchanged and reached an average of 6.6 mln bpd (a decrease of 3% year-on-year). Supplies of oil products from Russia and Central Asia decreased by more than 12% month-on-month or by 7% year-on-year to 2.2 mln bpd in April.
Previously, the Russian Ministry of Energy stated that Russia slightly exceeded the target level of oil production in April under the OPEC+ agreements due to technical difficulties in reducing production, but plans to compensate for it in production plans.
At the same time, the countries participating in the OPEC+ agreement reduced oil production by 123,000 barrels per day (bpd) in May to 40.922 mln bpd.
Without Libya, Iran and Venezuela, which are exempt from production restrictions, the alliance countries' production volume amounted to 35.701 mln bpd. Taking into account all the voluntary production cuts in May, OPEC+ countries were supposed to produce 35.595 mln bpd.
The largest production cut in April was registered in Russia. The country cut its oil production by 119,000 bpd to 9.182 mln bpd.
From the first quarter of 2024, several alliance countries, including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 2.2 million barrels per day to balance the market. Initially, the measure was supposed to be valid only during the first quarter, but then it was extended to both the second and third quarters.
Besides that, a number of OPEC+ countries, also including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 1.66 million bpd
139 RUSSIA Country Report July 2024 www.intellinews.com