OPEC raised the forecast for the growth of oil production in Russia by 26 thousand barrels per day
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Liquid hydrocarbon production in Russia in 2022 will increase by 160 thousand barrels per day (b / d) compared to last year, to an average level of 11.0 million b / d, OPEC predicts in its monthly report. This value has been revised up by 26,000 bpd compared to the previous month’s estimate.
The revision was mainly due to higher production in October and higher-than-expected preliminary production data in November, OPEC said.
In 2023, liquid hydrocarbon production in Russia is forecast to decrease by 0.85 million b/d to average 10.1 million b/d, unchanged from the previous estimate. “It should be noted that the outlook for oil in Russia remains highly uncertain,” OPEC notes.
Production of liquid hydrocarbons in Russia in October decreased on a monthly basis by 15 thousand b/d and averaged 11.1 million b/d. This includes 9.7 million b/d of crude oil and 1.3 million b/d of NGLs and condensate. Preliminary estimates of Russian crude oil production in November show an increase m/m of 96 kb/d, to an average of 9.8 m b/d, while a decrease of about 22 kb/d is expected for NGLs and condensate.
Russian President Vladimir Putin December 9 allowed cutting oil production as a response to the price ceiling. The oil price ceiling of the EU, G7 and Australia came into effect on 5 December. On December 4, OPEC+ decided do not cut extraction of raw materials in response to the price ceiling.
Read more in the publication “Kommersant” “OPEC+ is swinging for a long time”.
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