29 Feb 2024 10:33

Russia might produce 520 mln-530 mln t of oil in 2024, current output at 9.5 mln bpd

MOSCOW. Feb 29 (Interfax) - Russia is currently producing about 9.5 million barrels of oil per day and meeting its obligations under the OPEC+ deal, Deputy Prime Minister Alexander Novak told reporters.

"Production is at about 9.5 million bpd in line with all our agreements and obligations - quotas and voluntary reductions," Novak said.

"For the year, I think [production] will be in the range of 520 million-530 million tonnes," he forecast.

Novak said recently that oil production in Russia, including condensate, slumped by less than 1% to about 530 million tonnes in 2023. The country produced 535 million tonnes in 2022.

Russia's quota under the OPEC+ deal for 2024 is 9.95 million bpd. Russia has agreed to voluntarily reduce output by 500,000 bpd for all of 2024. Furthermore, Russia (along with some OPEC+ countries) is voluntarily reducing oil exports by 500,000 bpd in the first quarter of 2024.

The baseline version of Russia's socioeconomic development forecast projects that oil production will total 523 million tonnes in 2024.