Russian Deputy Prime Minister Alexander Novak said that the world oil market is currently in balance. He told this to reporters TASS.
“The oil market is in equilibrium,” Novak said.
Previously reportedHe said that after the results of March this year, Russia reduced its oil production level by 300,000 barrels per day. The figure for the first month of spring was 9.7 million b/d, while in February the bar was around 10 million b/d.
On May 4, Novak announced that Russia is currently reduces volumes According to February figures, daily oil production increased by 500 thousand barrels. At the same time, follow-up will be made according to independent sources. This decision is implemented as part of a voluntary reduction in the production of raw materials that exceed the quotas set by OPEC.
May 10 Russian Ministry of Finance (MinFin) reportedIt was stated that the oil and gas revenues of the country’s budget in the first four months of 2023 were 52% lower than the same period of 2022 and amounted to 2.282 trillion rubles. At the same time, the ministry assured that the monthly dynamics of oil and gas revenues are gradually entering a stable trajectory corresponding to base levels of 8 trillion rubles per year.