MOSCOW, July 11. /TASS/. Russia slashed oil production by 20,000 barrels per day in June, though it fell short of fulfilling its voluntary cuts within OPEC+ agreements by 240,000 barrels per day, the International Energy Agency (IEA) said in its July report.
Russia’s oil production reached 9.22 mln barrels per day last month. However, considering voluntary cuts implied for June, output was planned at 8.98 mln barrels per day.
Total volume of voluntary cuts by OPEC+ nations equals around 2.2 mln barrels per day both in Q2 and in Q1. Meanwhile, Russia slashed oil supplies to global markets, not production, by 500,000 barrels per day in Q1. In Q2 both export and output went down. Production and export were to fall by an average of 471,000 barrels per day in three months. In April, Russia’s output reduction was to reach 350,000 barrels per day, while export was to be cut by 121,000 barrels per day. In May, production and export were to be reduced by 400,000 and by 71,000 barrels per day, respectively. In June, only production was to be cut - by 471,000 barrels per day.
Russia’s Energy Ministry said earlier that the country’s oil output within voluntary cuts on the OPEC+ agreement was slightly higher in April and May due to technical difficulties of output reduction. However, the issue of overproduction was to be solved in June.
Russia was to present a plan to compensate for outstanding overproduced volumes to the OPEC secretariat.