IEA: Russian oil output falls by 150,000 bpd to 9.5 mln bpd in May

MOSCOW, Jun 14 (PRIME) -- Russia’s oil and condensate production decreased by 150,000 barrels per day on the month to 9.45 million barrels per day in May, the International Energy Agency (IEA) said in a report on Wednesday.

Russia’s oil and oil products exports in May fell by 260,000 barrels per day on the month to 7.8 million barrels per day. Oil exports grew by 90,000 barrels per day to 5.2 million barrels per day, while oil products exports fell by 350,000 barrels per day to 2.6 million barrels per day. Revenue from oil exports fell 36% on the year to U.S. $13.3 billion, the agency said.

Oil production by OPEC+ decreased by 750,000 barrels per day to 36.86 million barrels per day in the month, down 2.6 million barrels per day as compared with the maximum output allowed by the oil agreement. The alliance production, taking into account new reductions, will be cut by another 200,000 barrels per day in 2024.

The IEA raised its forecast for global oil production in 2023 to 101.3 million barrels per day from 101.1 million barrels per day expected previously. The agency also improved its expectations of global oil demand to 102.3 million barrels per day in 2023.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries grew by 33.6 million barrels in April, which is 86.4 million barrels below the average 5-year figure.

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