BAKU, Azerbaijan, March 27. Russia's crude oil production is forecast to stand at around 9.1 mb/d in the second quarter of 2024, Trend reports.
According to the outlook from the International Energy Agency (IEA), the country's total oil production for 2024, including condensates and natural gas liquids, is projected to be 10.7 mb/d, down by 270,000 b/d year-on-year.
Meanwhile, Russian crude oil output increased slightly by 20,000 b/d to 9.42 mb/d in February. Moscow announced plans to further reduce oil exports by 200,000 barrels per day from January levels to 500,000 barrels per day compared to the May-June average of 7.4 mb/d.
Preliminary data indicates that total crude and product exports reached 7.6 mb/d last month. The total supply of crude, condensates, and natural gas liquids in February was 10.87 mb/d.
Additionally, Moscow adjusted its voluntary reduction for the second quarter of 2024, reducing the cut on exports and implementing new production restrictions. Moscow has committed to reducing crude production by 350,000 b/d in April and limiting exports by 121,000 b/d.
In May, the country plans to cut 400,000 b/d from crude production and 71,000 b/d from exports compared to the May-June 2023 average. In June, reductions will apply to production only. Russia's OPEC+ crude quota now stands at 9.45 mb/d, with first-quarter 2024 extra curbs based on exports rather than production.