BAKU, Azerbaijan, March 16. Russia's oil production in 2023 is expected to decrease by 740,000 b/d year-on-year, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
At the same time, this forecast has been revised up by 300,000 b/d, compared to the previous month's assessment.
Thus, the country's crude supply in the current year will reach 10.4 mb/d, the agency anticipates.
Russian crude production in February this year increased by 130,000 b/d to 9.91 mb/d. Overall production of crude, condensates, and NGLs increased to 11.37 mb/d, which is slightly lower (30,000 b/d) than before the war in Ukraine.
"Reportedly, Moscow’s 500 kb/d reduction this month will not impact condensate supply of roughly 1 mb/d - thus crude oil output could fall to around 9.4 mb/d," the agency added.
Meanwhile, in February 2023, Russia's oil exports dropped by 500,000 b/d to 7.5 mb/d, as EU embargo on refined products entered into force.
"Shipments to the EU fell by 800,000 b/d to 600,000 b/d, compared with more than 4 mb/d at the start of 2022. Sailings to China and India also fell, while cargoes without a destination surged by 600,000 b/d to 800,000 b/d. Export revenues plunged another $2.7 billion to $11.6 billion, down 42 percent on a year-ago," the report said.