12 Apr 2024 12:05

Russia maintains stable oil output at 9.42 mln bpd in March - IEA

MOSCOW. April 12 (Interfax) - Russia maintained generally stable oil production at 9.42 million barrels per day in March, analysts at the International Energy Agency (IEA) calculated.

Russia's overall production of oil, condensate and natural gas liquids totaled 10.9 million bpd. The IEA said that Russia has committed to further cuts in oil output as of April.

The IEA analysts calculate that cuts in production as part of OPEC+ should average 410,000 bpd in the second quarter, with restrictions coinciding with seasonal maintenance at refineries, many of which have already reduced refining owing to a series of Ukrainian drone attacks.

The IEA believes that Russia will produce an average of approximately 9.1 million bpd of oil in the second quarter, which would be 300,000 bpd lower than in the first quarter.