15 Feb 2024 13:03

Russia cuts oil output by 40,000 bpd to 9.44 mln bpd in January - IEA

MOSCOW. Feb 15 (Interfax) - Russia cut oil production by 40,000 barrels per day to 9.44 million bpd in January, the International Energy Agency said in its monthly Oil Market Report.

Moscow had promised to intensify restrictions on oil exports by 200,000 bpd to 500,000 bpd as of January, though preliminary estimates indicate that total exports of oil and petroleum products last month totaled 7.7 million bpd compared to the average of 7.4 million bpd in May-June. Overall supplies of crude oil, condensate, and natural gas liquids totaled 10.87 million bpd in January, according to the agency's monthly report.

The IEA estimates that Russia's overall oil output will decline by 120,000 bpd year-on-year to 10.84 million bpd in 2024.