Russia Leads in Non-OPEC Oil Production Cuts
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The production of liquid hydrocarbons in Russia in May decreased by 49 thousand barrels per day compared to April, to 10.9 million bpd, according to the monthly forecast OPEC. Of these, 9.6 million b/d was oil and 1.3 million b/d was condensate. The forecast for 2023 remained unchanged: compared to 2022, production in the Russian Federation will decrease by 0.75 million b/d, to 10.28 million b/d. It will remain at the same level in 2024. Russia will become the leader in reducing oil production in non-OPEC countries in 2023, with the US, Canada, Brazil, Guyana, Norway and Kazakhstan as the main growth drivers.
According to the July forecast of OPEC, oil production in countries outside the organization in 2023 as a whole will increase by 1.41 million b/d, to 67.14 million b/d.
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