MOSCOW: Russian oil production is seen declining by 1.5% to 527 million metric tons (10.54 million barrels per day) this year from 535 million in 2022, newspaper Izvestia reported on Wednesday, citing an interview with Energy Minister Nikolai Shulginov.
The world’s second-largest oil exporter after Saudi Arabia, Russia has halted or delayed publishing some of its key energy data, including production and export information since it began military action in Ukraine last year.
Analysts have said that the lack of transparent official data from one of the world’s top oil producers makes it more and more challenging to monitor global supply and analyse markets.
Russia has pledged publicly to voluntarily reduce its oil production by 500,000 barrels per day (bpd), or some 5% of its output, since March in order to help balance oil markets.
On top of that, Russia also said it would cut oil exports by 300,000 bpd until year-end, while Saudi Arabia, a global leader in oil production, is voluntarily reducing its oil output by 1 million bpd, also through the end of December.
“We have to take into account that we work together with other countries that provide balance (to the energy market),” Shulginov told Izvestia when asked if Russia was happy with its output.
“At the same time, both the manufacturer and the buyer need it. So this is an agreed decision and we are happy with it,” he said.
The minister also said Russia’s natural gas output was expected to fall to 642 billion cubic metres (bcm) in 2023 from 672 bcm in 2022.
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