May 27, 2023
Russian oil
©Collage /Shutterstock/Fotodom

Since this month, Russia has reached the promised volume of oil production cuts, Deputy Prime Minister of the Russian Federation Alexander Novak said on Wednesday, May 17.

According to him, decisions on this matter are made in a consolidated manner by all OPEC+ countries, writes RIA News. Therefore, if a change in the level of oil production is discussed, this will become known.

“As for the current situation, since May, Russia has been reducing production by 500 thousand barrels per day, and other countries that have made commitments are also reducing another 1 million 100 thousand barrels per day,” Novak explained.

In April, Novak said that in 2023 Russia predicts a decline in oil and condensate production. up to 515 mln t. He added that last year the volume amounted to 535 million tons. Thus, oil and condensate production in the country this year may decrease by 3.7%.

According to him, OPEC + does not expect a shortage of supply in the market due to an additional reduction in oil production. If necessary, the organization always has the opportunity to adjust the terms of the transaction.

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