Declaring to reduce oil production to "retaliate" against the West, Russia still aggressively pumps huge volumes into the market

Tuyên bố giảm sản lượng dầu 'trả đũa' phương Tây, Nga vẫn mạnh tay bơm khối lượng khủng ra thị trường

Russian oil output to remain steady in March 2023. (Source: Reuters)

Compared to the 10.1 million barrels of oil pumped per day in February 2023, production has decreased by 700,000 barrels.

In early March 2023, the Kremlin announced a 500,000 barrel/day crude oil production limit from March to December in retaliation for the West's oil price cap.

Last month's decline, according to Energy Department data, was 40% higher than the target.

But other estimates suggest that Russian oil production did not decline last month. As Moscow restricts the release of oil-related data following the conflict in Ukraine, observers have begun to track Russian seaborne exports and refinery processing output to calculate the country’s monthly crude output.

Both indexes showed no signs of decline last month, according to Bloomberg data.

The Kremlin relies heavily on oil and gas revenues. In 2022, the country earned more than $154 billion from energy exports.

The International Energy Agency (IEA) said that Russia's oil export revenue in February 2023 was 11.6 billion USD, down 2.7 billion USD compared to January 2023.

According to the Russian Finance Ministry , Moscow's revenue from oil sales was only 45% compared to the same period in February 2022.

Previously, on April 2, countries belonging to the Organization of the Petroleum Exporting Countries (OPEC) and its partners (OPEC+) agreed to increase voluntary production cuts from May to 1.6 million barrels per day to stabilize the global market.

Brent crude oil prices later recovered and are now trading around $85 a barrel.

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