Oil production in Russia has decreased since the beginning of this year, Deputy Prime Minister Alexander Novak admitted on Thursday. This marks the first time a representative of the Russian government has publicly acknowledged that oil output is lower this year.
Key Points:
- Reasons for the decline: Deputy Prime Minister Novak attributed the decline to unplanned maintenance shutdowns at several Russian refineries. While he did not specify the exact cause of these shutdowns, Ukraine has intensified attacks on Russian energy infrastructure in recent months.
- Current situation: Novak stated that this is a temporary situation. Once the refineries return to full operation, he expects production to rise and return to previous levels.
- Production data: Russia, the world’s third-largest oil producer, stopped publishing official production figures in April 2023. However, the International Energy Agency (IEA) reports that Russian oil production fell by 460,000 barrels per day year-on-year in April, to approximately 8.8 million barrels per day.
Speaking at the St. Petersburg International Economic Forum, Novak also emphasized the role of the OPEC+ group, stating that it continues to help mitigate fluctuations and instability in global markets.