BAKU, Azerbaijan, September 12. OPEC has adjusted the projection for Russia's liquids output in 2023 upwards by approximately 70,000 b/d compared to the previous month's assessment.
However, according to data obtained by Trend from OPEC, there is an expected drop of 0.6 mb/d in Russian liquid production, with an expected average of 10.5 mb/d.
It's important to note that this anticipated contraction takes into consideration voluntary production adjustments that have been recently announced and are set to extend until the end of 2023, OPEC noted.
Meanwhile, in July, Russia's liquid production experienced a month-on-month decline of approximately 30,000 b/d, averaging at 10.8 mb/d. This figure encompasses 9.5 mb/d of crude oil and 1.2 mb/d of natural gas liquids (NGLs) and condensate.
Moving into 2024, Russian liquid production is expected to remain steady year-on-year, maintaining an average of 10.5 mb/d. OPEC believes that this stability will be influenced by the initiation of projects in several oil fields by companies such as Rosneft, Russneft, Lukoil, Gazprom, Neftisa, and TenderResurs. However, any potential gains in additional liquid production are likely to be offset by declines in output from mature fields. It should be emphasized that the Russian oil forecast carries a degree of uncertainty.