MOSCOW (Pakistan Point News / Sputnik - 03rd May, 2023) The share of Urals oil in Russian exports will be decreasing in favor of other, more expensive blends of Russian oil, the Roscongress Foundation has said.
"The role of Urals blend in the medium term will decrease as the share of supplies of other export blends, including Siberian Light, ESPO, Sokol, Vityaz, ARCO, Sakhalin Blend, increases," the Roscongress Foundation said in a report dubbed "Prospects for the ruble: a new factor and the desired Yuan," available to Sputnik.
According to the report, "the concentration of bidders only on Urals leads to the fact that the expected volume of export revenue is underestimated, and its actual amount may be significantly higher," adding that "foreign experts expect supply to be higher."
The authors of the report cited the Russian Energy Ministry's data, according to which Russian oil production in 2023 is expected to be about 9.5 million barrels per day, including a voluntary reduction of 500,000 barrels per day until the end of 2023.
OPEC said in April's forecast that Russia would be producing an average of 10.3 million barrels per day. The International Energy Agency said in April that Russia's average production volumes would be 10.5 million barrels per day. At the end of April, the Russian Federal State Statistics Service (Rosstat) stopped publishing monthly statistics on oil production in Russia.
