Russia reduced its oil production in the first five months of this year by 1.8%; Production reached 195.7 tons.

This reduction came within the framework of commitment to the OPEC+ agreements, which provide for voluntary reductions by member states, including Russia, with regard to oil.

Despite Russia's pledge in March 2024 that it would work to further reduce the quantities of oil it produces in the second quarter of this year; Until this reduced quantity reaches 471 thousand barrels per day, it announced a temporary lifting of the gasoline export ban that was imposed last March.

Russia aimed for this step to address the problem of stock accumulation in refineries, while continuing to meet the local demand for fuel. Thus, this decision, which entered into force on May 20, allows refineries to export gasoline until the end of June.

The decision to lift the temporary ban comes after a comprehensive assessment of the situation by the Russian government. Estimates indicated that the local market was saturated with gasoline.

According to officials, the aim of the decision is to make use of gasoline stocks, which would help operate refineries to process oil.

The ban on gasoline exports was imposed in March 2024 for a period of six months, amid fears of a shortage in domestic supplies and rising prices.

These concerns coincided with the exposure of Russian refineries to Ukrainian drone attacks, in addition to routine maintenance work that the refineries underwent at that time, while domestic demand for gasoline was increasing seasonally.

On the other hand, Russia announced an increase in the quantity of Russian natural gas produced by 8%, as production reached 246.4 billion cubic meters during the period from January to April 2024, and Russian gas exports also increased.