EIA expects Russia's oil output to fall by 1.7 mln bpd by 2024

MOSCOW, Apr 12 (PRIME) -- U.S. Energy Information Administration (EIA) expects Russia's oil production to fall by 1.7 million barrels per day at the end of 2023 from the level of February 2022, the authority said in a statement on Tuesday.

"Although we forecast Russia’s oil production will decline by 1.7 million barrels per day from February 2022 to the end of 2023, global oil production will nonetheless increase as a result of higher production elsewhere, mostly from the U.S. and OPEC," the EIA said.

The agency said that in spite of the reduction of Russia's output, the global reserves would increase, starting from April–June.

"Although we reduced Russia’s oil production in our forecast, we still expect that global oil inventories will build at an average rate of 0.5 million barrels per day from April–June 2022 through the end of 2023, which we expect will put downward pressure on crude oil prices," it said.

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