BAKU, Azerbaijan, April 18. Russia's oil production in 2023 is forecast to drop by 0.75 mb/d to average 10.3 mb/d, Trend reports via monthly oil outlook from OPEC.
According to the report, this decline is due to the recently announced additional voluntary production adjustments to the end of 2023.
Thus, the country's output in the 1Q2023 is expected at 11.2 mb/d, with further decline to 10 mb/d in 2Q2023, 9.94 mb/d in 3Q2023, and 9.94 mb/d in the 4Q2023.
"Annual growth is remained unchanged from the previous monthly assessment. In addition to a number of planned start-ups this year by Lukoil, Gazprom, Novatek, Sigma Energy and others," OPEC added.
Meanwhile, Russia's liquids production in February increased by 175,000 b/d month-on-month to average 11.4 mb/d, which also includes 10 mb/d of crude oil, and 1.4 mb/d of NGLs and condensate. At the same time, Russian liquids output in 2022 is estimated to have increased by 0.2 mb/d year-on-year to average 11 mb/d, which is broadly unchanged from the previous month's outlook.
As the report noted, Russia's liquids demand in the current year is projected to stand at 3.65 mb/d, which is the same as in 2022.
Overall non-OPEC oil supply is expected to grow by 1.4 mb/d in 2023.