Page 122 - RusRPTJul23

9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
Oil production in Russia in April 2023 amounted to 9.6mn barrels per day (bpd), according to the June report of the organisation of Petroleum Exporting Countries (OPEC).
Earlier, the organisation reported that Russia’s output in March amounted to 9.7mn bpd, which means it decreased the figure by 100,000 bpd in April.
Production of liquid hydrocarbons in Russia in April, according to OPEC, decreased by 176,000 bpd to 10.9mn bpd.
OPEC also once again retained its forecast for a decrease in liquid hydrocarbon production in Russia for 2023 at the level of 0.75mn bpd compared to 2022 to 10.28mn bpd.
The organisation noted that the forecast takes into account the voluntary reduction in oil production by 500,000 bpd announced by Russia, which will last until the end of 2024.
Russian crude oil flows to international markets have drifted lower in June, while remaining well above levels seen in February, the baseline month for the country’s pledged output cuts. Bloomberg reported that while flows were lower there is still no evidence to suggest that Russia is cutting production. Four-week average seaborne shipments, which smooth out some of the volatility in weekly numbers, edged down in the period to June 18 to 3.63mn barrels a day from 3.66mn in the period to June 11. On that basis, flows are now down by 212,000 barrels a day from the peak they reached in the period to May 21, but are still 250,000 barrels a day higher than they were in the four weeks to February 26. February was the baseline month for production cuts promised by the Kremlin.President Vladimir Putin told the St. Petersburg International Economic Forum that the nation’s oil and gas industry is in good shape. “The output in the country is growing and we are happy about it, our sales are robust,” he said, without explaining how that would align with Moscow's pledge to cut production. There is still little evidence that the pledged 500,000 barrels a day of cuts — retaliation for Western sanctions imposed after the invasion of Ukraine — have been made.
Russia's oil and condensate production experienced a decline of 150,000 barrels per day in May, reaching 9.45mn barrels per day, as reported by the
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