OPEC and IEA do not expect a decline in oil production in Russia due to a planned reduction in exports
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OPEC has maintained its forecast for oil production in Russia in 2023 at 10.28 million barrels per day, despite the plans of the Russian government to reduce exports of raw materials in August by 500,000 barrels per day. This is stated in the monthly report of the cartel, published on July 13.
The International Energy Agency (IEA) does not expect a significant impact of these plans on production either. In its report, published on the same day, the IEA, on the contrary, raised the estimate of oil production in Russia for the current year by 70,000 barrels per day to 10.87 million barrels per day.
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