The decision of the 35th OPEC and non-OPEC Ministerial Meeting, held on 4 June 2023, adjusted crude oil production levels for OPEC and Declaration of Cooperation non-OPEC Participating Countries starting 1 January 2024 until 31 December 2024, including Russia at 9.828 mbd based on the crude oil production level for the month of February 2023. The decision stated that this level was “subject to revision by June 2023 as the country is currently working with the secondary sources to update production figures”.
Based on the latest figures provided by the secondary sources, Russia’s crude oil production in February 2023 has now been revised to stand at 9.949 mbd, and this will be considered as the updated required production for Russia for January 2024 to December 2024.
It is worth noting that Russia crude oil production in May 2023 stood at 9.533 mbd, which is 0.416 mbd lower than February 2023 level, according to secondary sources.