Oil production cuts in some countries could cause the global energy market to face a supply shortage next year, United Arab Emirates Energy Minister Suhail al-Mazroui told Bloomberg on Tuesday.
"My concern is not about demand, but whether we will have enough supply in the future," al-Mazroui said, responding to a related question from a reporter. - "What worries me is the decline in production in many countries." The minister also noted that the UAE does not currently see the need to revise its quota under the OPEC+ agreement, but plans to consider the need to raise production levels when the alliance discusses production levels for 2024.
Russian Deputy Prime Minister Alexander Novak said on Friday that Moscow would voluntarily cut oil production by 500,000 bpd in March. According to him, this decision was voluntary and no one was consulted.
Novak's representative explained that the production reduction will only affect oil, excluding gas condensate. However, a TASS source in the industry clarified that the production reduction would be counted from the actual production level, not from Russia's quota in the framework of the OPEC+ deal. According to the terms of the deal, oil production for the Russian Federation is set at 10.478 million bpd starting from November 2022. In January 2023, Russia produced about 9.8-9.9 mln bpd.
GSV "Russia - Islamic world"
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Based on materials from TASS