BAKU, Azerbaijan, April 12. Russian liquid production is predicted to decline by about 0.2 mb/d compared year-on-year, averaging 10.7 mb/d, OPEC says, Trend reports.
In February, Russia's liquid production was expected to decrease by around 40,000 b/d compared to the previous month, averaging 10.8 mb/d.
Despite new projects starting up at various oil fields operated by companies like Rosneft, Russneft, Lukoil, Gazprom, Neftisa, and TenderResurs, OPEC expects the overall increase in liquid production to be balanced out by declines at older fields.
Looking ahead to 2025, the country's crude production is projected to stand at 10.88 mb/d - up by 0.13 mb/d year-on-year.
As per OPEC's data, Russia's oil output in 2023 is estimated to have reached 10.93 mb/d.
Meanwhile, in 2024, the supply from the non-OPEC group is expected to increase by 1 mb/d. This is slightly lower than what was estimated last month. The main countries contributing to this growth in liquid supply are expected to be the US, Canada, Brazil, and Norway. In 2025, the forecast for the growth of non-OPEC liquids supply is 1.3 mb/d, also revised down by 0.1 mb/d compared to last month's assessment. The growth in 2025 is primarily led by the US, Brazil, Canada, Russia, Kazakhstan, and Norway.