BAKU, Azerbaijan, March 15. Russia's oil production in 2023 is forecast to drop by 0.7 mb/d to average 10.3 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the report, the forecast has been revised up by around 152,000 b/d from the previous forecast.
This is due to higher-than-expected output in the first quarter of 2023, although, as OPEC noted, the production projection for remaining months of the year is maintained as in the last month's outlook.
"Russia's liquids production in January decreased month-on-month by 36,000 b/d to average 11.2 mb/d. This includes 9.8 mb/d of crude oil and 1.4 mb/d of NGLs and condensate. A preliminary estimate of Russia's crude production in February 2023 shows stable m-o-m output at an average 9.8 mb/d, while NGLs and condensate were relatively stable," the report said.
At the same time, Russia's liquids production in 2022 is estimated to have increased by 0.2 mb/d year-on-year to an average of 11 mb/d, broadly unchanged from previous forecast, OPEC added.
However, as OPEC noted, despite new initiatives that y Lukoil, Gazprom, Novatek, Sigma Energy and others are expected to launch, Russia's production growth forecast is still subjected to major uncertainties.
Meanwhile, total non-OPEC liquids production in 2023 is forecast to grow by 1.4 mb/d.