BAKU, Azerbaijan, April 12. The US Energy Information Administration (EIA) forecasts Russia's petroleum and other liquids output to decrease from 10.9 mb/d in 2022 to 10.6 mb/d in 2023,Trend reports via EIA.
EIA reminded that, on April 3, the bloc and OPEC+ announced plans to cut crude oil production by 1.2 mb/d through the end of 2023.
"These production cuts were in addition to Russia’s 0.5 million b/d cut that it previously announced would begin in March. Despite this announcement, the observable impact on Russia’s liquids production and exports in the latest available data has been less significant than expected," the report said.
As EIA still expects Russia’s production to drop this year, the country's output exceeded EIA's earlier expectations, because Russia was able to find buyers outside the European market.
EIA projects Russia's liquids output to decline further to 10.4 mb/d in 2024. Both 2023 and 2024 projections have been upgraded by 0.3 mb/d, compared to the last month's outlook.
Meanwhile, as the EIA report noted, world liquids output is projected to increase by an additional 2 mb/d in 2024. At the same time, this is slightly higher than projected figures in the previous forecast (growth of 1.6 mb/d in 2024).
"Global production rises in 2024, driven by non-OPEC production growth of 1 mb/d and by OPEC crude oil production, which we expect to increase by 0.9 mb/d when current production cuts expire at the end of 2023," the report added.