The recent pattern shows a decline in Russia’s domestic crude oil output, with the drop currently documented for March. The path of any further reductions will hinge on how global energy markets evolve in the coming weeks, a point emphasized by Deputy Prime Minister Alexander Novak in statements carried by TASS.
Earlier, on February 10, Novak indicated that for the early part of spring 2023 Russia intended to cut oil production by 500,000 barrels per day. The plan specifies that the adjustment targets crude oil production and does not apply to condensate.
Novak added that market conditions would guide subsequent measures. He noted that the March reduction had already been decided and that the scale of any further cuts would be aligned with the actual production levels across the sector, with final decisions tied to each company’s output profile.
On February 20, Bloomberg reported, citing vessel-tracking data, that Russia increased its crude exports to about 3.6 million barrels per day from February 10 to February 17, 2023. This rise occurred despite the plan to curb domestic crude production by 500,000 barrels per day in March, underscoring the complexity of balancing export commitments with internal supply constraints. [Source: Bloomberg, vessel-tracking data; official remarks cited by TASS and covered by socialbites.ca]