BAKU, Azerbaijan, December 16. Russia's oil production is expected to stand at 10.95 mb/d in 2023.
According to the data provided to Trend by the International Energy Agency (IEA), thus, the supply is forecast to decrease by 140,000 b/d year-on-year.
Meanwhile, in November, Russian crude output took a dip, down by 30,000 b/d to 9.5 mb/d.
At the same time, Moscow had committed to reducing oil exports by 300,000 b/d from September through the end of 2023. However, preliminary estimates indicate that total crude and product exports stood at 7.2 mb/d in November, slightly below the May-June average of 7.4 mb/d.
The agency noted that Russia's overall supply, including crude, condensates, and NGLs, reached 10.9 mb/d in November.
Looking ahead to 2023, Deputy Prime Minister Alexander Novak suggested that Russia is on track to pump around 10.6 mb/d of crude and condensates this year, aligning with the IEA's estimate.