OPEC raised forecasts for oil production in Russia in 2023
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The Organization of Petroleum Exporting Countries (OPEC) has raised its forecast for oil production (including gas condensate) in Russia in 2023 by 150,000 barrels per day to 10.28 million barrels per day, according to the monthly report of the organization, published on 14 Martha.
The production forecast for the first quarter has been increased even more significantly – by 620,000 barrels per day to 10.9 million barrels per day. The organization attributes the adjustment to higher-than-expected production levels in the country in January-February 2023. But the cartel expects a sharp decline in Russian oil production in the second quarter to 10 million barrels per day. In the III quarter, production, according to OPEC, will recover to 10.1 million barrels per day, in the fourth quarter – up to 10.15 million barrels per day.
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