BAKU, Azerbaijan, April 14. Russia's average oil production in 2023 is expected at 10.6 mb/d, down by 530,000 b/d year-on-year, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
According to the report, Russian crude output dropped by an estimated 290,000 b/d in March 2023 to 9.58 mb/d
"Total output of crude oil, condensates and NGLs decreased to 10.95 mb/d – 450,000 b/d lower than before Russia invaded Ukraine in February 2022. Moscow extended its announced production cut, which applies to crude oil, until the end of the year following the decision of eight other OPEC+ producers, including Saudi Arabia, to join voluntary supply curbs," the report said.
Russian oil exports in March rose to the highest level since April 2020 due to increased commodity flows, which returned to levels last seen before the Russian-Ukrainian war, the report said.
"Total oil shipments rose by 0.6 mb/d to 8.1 mb/d, with products climbing 450,000 b/d month-on-month to 3.1 mb/d. Estimated oil export revenues rebounded by $1 billion to $12.7 billion but were 43 percent lower than a year ago," the IEA said.