Oil Production in Russia in June Fell by 100,000 Barrels Per Day
Oil production in Russia in June decreased by 100 thousand barrels per day compared to May, to 9.5 million barrels per day, follows from the data of the August report of OPEC.
“The production of liquid hydrocarbons in Russia in June decreased by 100 thousand barrels per day compared to the previous month and averaged 10.8 million barrels per day. Of this volume, 9.5 million barrels per day are oil and 1.3 million barrels per day for condensate,” the report says.
In a July report, OPEC indicated that oil production in Russia in May amounted to 9.6 million barrels per day.
Russia in March began a voluntary cut in oil production by 500,000 barrels per day from the February level of 9.95 million barrels per day. As a result, oil production in Russia should reach 9.45 million barrels per day. According to Russian Deputy Prime Minister Alexander Novak, Russia has achieved what it promised since May.
The voluntary cut was then extended until the end of 2023 and later until the end of 2024. Together with the Russian Federation, a number of other OPEC+ countries, including Saudi Arabia, are additionally voluntarily cutting production. In addition, Russia is reducing oil exports by 500 thousand barrels per day in August, and will do this in September, but the volume of the reduction will be 300 thousand barrels.
