The International Energy Agency said the Russian Federation has not implemented the announced cut in supplies of 500,000 barrels per day in full.
Russia’s oil supply will remain stable. Its exports in April 2023 increased after the invasion of Ukraine – up to 8.3 million barrels per day. This is stated in the monthly report of the International Energy Agency (IEA).
Moscow has not implemented the announced cut in supplies of 500,000 barrels per day in full, the IEA notes. The agency believes Russia may increase volumes to compensate for lost profits. The country’s oil export revenue rose $1.7 billion to $15 billion last month but was 27% lower than a year earlier, while tax revenues in the oil and gas sector fell 64% year-on-year. – year.
The agency forecasts that global oil demand will increase by 2.2 million bpd annually through 2023 to an average of 102 million bpd, up 200,000 bpd from its March forecast.
The fall in global oil prices over the past month is due to slower industrial activity and higher interest rates, “which together have led to recessionary scenarios gaining momentum,” said of the IEA.
To recall, Russian Deputy Prime Minister Alexander Novak said that Russia in March will “voluntarily” reduce oil production by 500,000 barrels per day.
Source: korrespondent
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