Opec announced on 13 June that Russia’s 2024 “required production level” has been revised up from 9.828mn b/d to 9.949mn b/d – a 121,000 b/d increase. Russia’s 2024 target is based on its February 2023 production as assessed by the seven Opec Secondary Sources, and the communique from the landmark 4 June Opec+ agreement which revised member’s production targets had noted that it was “subject to revision by June 2023 as the country is currently working with the secondary sources to update production figures.”
On top of this, Russia has committed to an additional voluntary cut of 500,000 b/d through to the end of 2024. This would bring its voluntary target down to 9.449mn b/d. Opec states that “It is worth noting that Russia crude oil production in May 2023 stood at 9.533mn b/d, which is 0.416mn b/d lower than February 2023 level, according to secondary sources.” While Russia is not fully implementing its voluntary cut, its level of compliance is relatively strong. (CONTINUED - 161 WORDS)
