HomeMediaLatest NewsThe summer season helped Russia to reduce oil exports within OPEC+

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

24 July 2023

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department

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.

Gromov noted that in the autumn the situation will be reversed for Russia – the country will begin to reach peak indicators for oil exports and production.

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.

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department
Subscribe
You will receive notifications about the release of new materials on the site. We do not share email addresses with third parties and do not spam.
Ok
Thank you!
Your application is accepted.
Ok