BAKU, Azerbaijan, November 13. The 2023 forecast for Russian liquids production indicates a slight decline of 0.4 mb/d, averaging 10.61 mb/d, Trend reports.
Thus, OPEC's forecast has been revised up by about 80,000 b/d from the previous month's assessment.
In September, Russia's liquids production experienced an increase of approximately 85,000 b/d month-on-month (10.74 mb/d in August), averaging 10.82 mb/d. This figure includes 9.5 mb/d of crude oil and 1.3 mb/d of NGLs and condensate.
Looking ahead to 2024, Russian liquids production is expected to remain unchanged year-on-year, averaging 10.61 mb/d, the bloc noted.
Despite project ramp-ups from various oil fields and startups by key entities like Rosneft, Russneft, Lukoil, Gazprom, Neftisa, and TenderResurs, the overall additional liquids production is anticipated to be offset by declines at mature fields, OPEC added.