Bloomberg: Oil drilling in Russia has fallen
Russian oil companies have reduced the rate of drilling wells. As the agency has learned Bloombergindicators fell to a record low amid OPEC+ restrictions.
From January to June, 14.37 kilometers of production wells were drilled in Russia. This is 2.5 percent less than a year earlier. Bloomberg writes that the slowdown is happening against the backdrop of increased production cuts under the OPEC+ agreement. Another reason is the reduction in the refinery load. According to Kasatkin Consulting, this year the volume of production drilling will decrease to 29.4 thousand kilometers, and next year it will exceed 30 thousand.
In early June, OPEC+ extended an agreement to reduce oil production for the entire 2025, before that the deal was calculated until the end of 2024. Currently, the permitted level of oil production for all OPEC+ participants is 39.425 million barrels per day. From January 2025, the total quota will increase by 300 thousand barrels per day.
According to a recent report from the International Energy Agency (IEA), by the end of June, the total revenues of Russian commodity exporters from oil sales fell by $190 million and dropped to $16.7 billion.
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