BAKU, Azerbaijan, August 10. Russia's liquids production for 2023 is expected to decrease by 0.65 mb/d, averaging 10.4 mb/d, Trend reports.
According to the latest data from OPEC, this forecast has been increased by 100,000 b/d compared to the previous month's evaluation.
Notably, this anticipated decrease considers recently announced voluntary production adjustments that will extend until the end of 2023.
Meanwhile, in June, Russia's liquid production experienced a month-on-month decline of 100,000 b/d, reaching an average of 10.8 mb/d. This comprises 9.5 mb/d of crude oil and 1.3 mb/d of NGLs and condensate.
Moving into 2024, Russian liquid production is predicted to remain steady year on year, with an average of 10.4 mb/d.
This is despite new project ramp-ups in various oil fields and startup activities by companies like Rosneft, Russneft, Lukoil, Gazprom, Neftisa, and TenderResurs. However, as OPEC noted, the additional liquid production from these sources is expected to be counterbalanced by declines from mature fields. It's important to acknowledge that the forecast for Russian oil is subject to uncertainty.