Russian Deputy Prime Minister Alexander Novak stated that the global oil market is currently in balance, sharing this assessment with reporters from TASS. He described the market as being in equilibrium, signaling a steadier outlook for supply and demand as observed in recent weeks.
Earlier remarks noted that after results from March this year, Russia reduced its oil production by 300,000 barrels per day. The figure for the first month of spring stood at 9.7 million b/d, with February’s level around 10 million b/d. These shifts reflect Russia’s adherence to voluntary reductions and coordinated actions with broader producer groups, aiming to align output with market needs and provide price stability to energy buyers in North America and Europe.
On May 4, Novak announced that Russia is continuing to adjust volumes in line with February data, where daily oil production showed an uptick of around 500 thousand barrels. Ongoing monitoring will rely on independent sources to confirm trends. The decision to modulate production forms part of a broader strategy to respect quotas established by OPEC and its allies, while maintaining a flexible approach to respond to evolving market signals and fiscal considerations. In North American markets this balance is watched closely by industry players, policy makers, and investors seeking to gauge future supply trajectories and price implications.
By May 10, Russia’s Ministry of Finance reported that oil and gas revenues for the first four months of 2023 were 52% lower than the same period in 2022, totaling 2.282 trillion rubles. Yet the ministry also stated that monthly revenue dynamics are gradually returning to a stable trajectory, aligning with baseline expectations around 8 trillion rubles per year. This fiscal framing underscores how production decisions interact with national budgeting, macroeconomic planning, and energy policy outlooks in Canada, the United States, and other major markets. Analysts often cite these revenue trends as a background to debates about domestic investment in energy projects, supply chain resilience, and the long-term role of state-led production adjustments in shaping global oil prices.