Key Insights
In 2024, Russia's oil production decreased by 2.8% compared to 2023, totaling 516 million tons (approximately 10.32 million barrels per day).
This decline aligns with Russia's commitments under the OPEC+ agreement to reduce output.
Despite the reduction, Russia's oil exports increased by 2.4% year-on-year, reaching 240 million tons in 2024.
AI Analysis
Given the current trends in Russian oil production and export patterns, it is anticipated that Russia will continue to reduce its oil output in alignm...
Market Outlook
Short-Term
The recent decline in Russian oil production and the shift in export destinations are expected to have a neutral impact on global oil prices in the short term. The market is likely to absorb these changes without significant volatility.
Long-Term
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