The summer season helped Russia to reduce oil exports within OPEC+

Alexey Gromov gave a comment to the Infotech Internet portal about the seasonal nature of the Russian oil exports reduction in July-August 2023.

Alexey Gromov, Director of the Energy Direction of the Institute for Energy and Finance, explained that back in June Russia began a natural decline in oil exports due to seasonal factors, so the current supply dynamics is not unusual.

"I suspect that we joined the decision of Saudi Arabia to reduce production by 1 million barrels for July-August, including due to seasonal factors. If we look at the statistics of 2022, then in July-August we will also be able to see a seasonal drop in exports. That is, Russia was able to take advantage of the situation to stabilize the markets and support the price," Gromov said.

Answering the question about the possibility of extending voluntary production and export cuts for September and beyond, the expert noted that so far Russia and Saudi Arabia are focused on short-term solutions. "The situation may change and the levels may be revised," Gromov did not rule out.