Russia reduces oil production by 500,000 barrels/day

Oil production at the Gremikhinskoye oil well, east of Izhevsk, near the Ural Mountains, Russia. REUTERS/TTXVN

Speaking to reporters, Deputy Prime Minister Novak stressed that Russia aims to voluntarily reduce production from now until the end of 2023. Monitoring of this activity will be carried out by independent sources. Moscow affirmed its full compliance and voluntary implementation of the proposed crude oil production cuts.

In addition, the Russian Deputy Prime Minister also mentioned the current speculation in foreign media about the levels of "black gold" exploitation, saying that the press does not take into account the fact that the supply through oil pipelines to the European Union (EU) has decreased significantly, by more than 2.3, and this supply is only partially compensated through oil exports by sea.

The statement came after several newspapers reported an increase in oil exports based on maritime export monitoring results.

Earlier on May 3, Brent crude oil prices fell to $75 per barrel for the first time since March 27 this year. Specifically, the price of this commodity for delivery in July 2023 decreased by 0.8% to $74.71 per barrel. Meanwhile, the price of WTI oil for delivery in June decreased by 1% to $70.94 per barrel. Previously, consultant Ivan Timonin of Vygon Consulting Company commented that in 2023, oil demand could increase by 1.5 million barrels per day compared to the level recorded in 2022.

According to VNA