MOSCOW, September 13. /TASS/. Russia’s oil output remained in August 2023 at the level of the previous month of 9.48 mln barrels per day, according to the International Energy Agency’s (IEA) report.

Meanwhile Russia’s revenues from oil exports rose by $1.8 bln to $17.1 bln as a decline in supplies was offset by growth of prices, the agency said.

Deputy Prime Minister Alexander Novak said in early August that Russia fully met its commitments on voluntary output cuts, with the country’s production standing at 9.5 mln barrels per day.

The IEA suggests that the reduction of output by Saudi Arabia and Russia will result in its substantial deficit on the global market in Q4, while extension of additional cuts by the countries may lead to the production of 1 mln barrels per day fallen in Q4.

In March, Russia started voluntarily reducing oil production by 500,000 barrels per day from the February average. The reduction was extended later to June and finally until the end of the year. After the OPEC+ meeting on June 4 in Vienna the decision on voluntary output cut was extended until the end of 2024. Russia also started reducing crude deliveries to global markets by 500,000 barrels per day additionally to production cut obligations in August, whereas in September it started cutting supplies by 300,000 barrels per day. The decision on reduction of deliveries by 300,000 barrels per day was extended by the end of the year at the beginning of September.

Meanwhile Novak said in August that Russian oil companies would take a decision whether to reduce production or export of oil within the task of cutting supplies independently.