Russian oil export declined by 4-5% in 2023 — TASS

Russia supplied 4-5% less oil to the global market this year because of OPEC+ commitments it made, said Nikolay Tokarev.

PHOTO: Oil drums with the Russian flag in the background. Getty Images

Tokarev is the chief executive of state-owned oil transport company Transneft.

Commitments made within OPEC+ deals to “bring a balance” to global oil markets prompted the country trim its exports of crude oil and other oil products, Tokarev told Russia’s state-owned media agency TASS.

“Russia assumed responsibilities within the OPEC+ to cut the volume of export supplies, resulting in a 4-5% decline in exports,” Tokarev said in a televised interview..

At the same time, Russia increased the volume of oil refining through Transneft systems by around 4% compared to 2022, Tokarev said.

“We are meeting our [OPEC+] duties, and as a result, there is such a redistribution of volumes in favor of domestic processing,” Tokarev added.

Russia began a voluntary oil supply cut of 500,000 b/d in March, compared to its average production level in February. The country reduced production by an additional 500,000 b/d in August, for a total of 1 million b/d as a part of the ongoing output reductions made by OPEC+.

In September, Russia cut output by another 300,000 b/d and extended this measure through to the end of this year.

Following the OPEC+ meeting in November, Russia deepened this crude oil and oil products output cut from 300,000 b/d to 500,000 b/d - for a total cut of 1.5 million b/d, which will be in effect until March 2024, TASS reported.

Earlier this week, Russian deputy prime minister Alexander Novak announced plans to trim the country’s oil production by at least an additional 50,000 b/d this month.

By Aparupa Mazumder 

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