MOSCOW, March 14. /TASS/. Russia reduced exports of oil and oil products in February 2024 by 140,000 barrels per day (bpd) compared to January to 7.6 mln bpd, according to a report by the International Energy Agency (IEA). At the same time, Russia’s revenues from oil exports decreased by 1%, to $15.7 bln.

The impact of lower oil exports was partially offset by growing prices. At the same time, average prices for all types of oil in Russia increased in February and remained above the price cap established by the G7 countries, while the price of oil products, except naphtha, did not exceed it, the report said. Urals oil prices rose by more than $4 per barrel in February to an average level of $66.2 per barrel.

After a December peak of 5 mln bpd, oil exports from Russia in February decreased to 4.75 mln bpd (4.88 mln bpd in January), oil products - to 2.89 mln bpd against 2.9 mln bpd a month earlier, the report said.

Taking into account new voluntary cuts in oil production in the Q2, Russia may reduce output to 9.1 mln barrels per day (bpd) compared to 9.42 mln bpd in February. According to the report, Russia’s production in February increased by 20,000 bpd to 9.42 mln bpd. Taking into account the new cuts, Russia may reduce oil production in the Q2 to 9.1 mln bpd, and in general in 2024 - to 10.7 mln bpd.

According to the IEA, oil supplies from Russia to China increased in February by 100,000 bpd to 2.2 mln bpd (and the final volume of supplies may be higher, the agency noted), to India - fell by 420,000 bpd to 1.2 mln bpd. As for exports of oil products, the agency noted Nigeria was the largest importer of Russian gasoline (60,000 bpd in December 2023 and January 2024).

Russian Deputy Prime Minister Alexander Novak said in early March, Russia will reduce oil production and exports in the Q2 by an average of 471,000 bpd over three months as part of OPEC+ voluntary obligations. Production cuts in April will reach 350,000 bpd, exports - 121,000 bpd. In May, the decline in production will be 400,000 bpd, exports - 71,000 bpd, in June - 471,000 bpd. In the future, Russia plans to gradually restore additional volumes of oil output and export cuts within OPEC+, depending on market conditions.