OPEC for the first time since March raised the forecast for oil production in Russia
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The Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for the average level of oil production in Russia in 2023 by 100,000 barrels per day to 10.4 million barrels. This is stated in the report of the cartel dated August 10. The forecast was revised for the first time since March.
The report explains that average daily production in 2023 will be reduced by 650,000 barrels. compared to 2022. “It is worth noting that the expected reduction takes into account the recently announced voluntary production adjustment until the end of 2023,” the authors of the report note.
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