BAKU, Azerbaijan, May 12. Russia's oil output in 2023 is expected to decline by 0.75 mb/d to average 10.28 mb/d, Trend reports via monthly oil outlook from OPEC.
"It is worth noting that the expected contraction takes into account recently announced voluntary production adjustments to the end of 2023. A number of start-ups are planned this year by Lukoil, Gazprom, Novatek, Sigma Energy and others," OPEC noted.
According to the report, the forecast has been kept unchanged from the previous outlook.
"Russia's liquids production in March decreased month-on-month by 282,000 b/d to average 11.1 mb/d. This includes 9.7 mb/d of crude oil and 1.4 mb/d of NGLs and condensate," the report said.
As OPEC noted, it is estimated that the volume of liquid hydrocarbon production in Russia in 2022 will increase by 0.2 mb/d, compared to the same period last year, and will average 11 mb/d. This is largely unchanged from the previous month’s estimate.