OPEC revised the forecast for oil production in Russia – Business – Kommersant
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Organization of the Petroleum Exporting Countries in its monthly analytical report increased the forecast for the production of liquid hydrocarbons (oil and gas condensate) in Russia in 2022 by 0.25 million bpd. Production in 2022 is expected at 10.88 million b/d, compared to 10.63 million b/d in the July report. The revision is explained by higher-than-expected production levels in the last two months.
The general forecast for oil and condensate production by non-OPEC countries remained practically unchanged, since positive changes in the Russian Federation are offset by negative ones in the US and a number of other countries.
At the same time, in 2023, OPEC predicts a decrease in oil production in the Russian Federation by 0.4 million bpd, to 10.5 million bpd. The organization also notes that forecasts for Russia “are characterized by a high level of uncertainty.”
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