BAKU, Azerbaijan, July 17. Russian crude oil production remained largely unchanged in June at 9.45 million barrels per day (mb/d).
According to the data obtained by Trend from the International Energy Agency (IEA), the projection for 2023 suggests an average oil production of 10.87 mb/d, representing a year-on-year decrease of 220,000 b/d.
Although exports declined, higher domestic refinery operations compensated for the decrease. Moscow has successfully adhered to its voluntary production cut of 500,000 barrels per day based on the revised February production level of 9.949 mb/d.
Furthermore, Russia has committed to reducing oil exports by an additional 500,000 barrels per day in August.
The IEA anticipates that the reduction in shipments will be balanced by increased domestic refinery throughput, and there have been no indications of further production cuts for Russian oil companies.
Meanwhile, in June, total output, including crude oil, condensates, and natural gas liquids, remained relatively stable at 10.75 mb/d, around 645,000 barrels per day lower than before the invasion of Ukraine in February 2022. Despite geopolitical challenges, Russian oil supply has demonstrated resilience by redirecting exports to new markets, leveraging attractive price discounts to attract traders and refiners, the agency added.