IEA: Russian oil output falls by 50,000 bpd to 9.4 mln bpd in July

MOSCOW, Aug 11 (PRIME) -- Russia’s oil and condensate production decreased by 50,000 barrels per day on the month to 9.4 million barrels per day in July, the International Energy Agency (IEA) said in a report on Friday.

Russia’s oil and oil products exports in July remained at 7.3 million barrels per day. Oil exports fell by 200,000 barrels per day to 4.6 million barrels per day, while oil products exports rose by 200,000 barrels per day to 2.7 million barrels per day. Revenue from oil exports fell by U.S. $4.1 billion on the year to $15.3 billion, but reached the highest figure since November 2022, the agency said.

Oil production by OPEC+ decreased by 1.14 million barrels per day to 35.9 million barrels per day in the month, down 3.67 million barrels per day as compared with the maximum output allowed by the oil agreement.

The IEA decreased its forecast for global oil production in 2023 to 101.47 million barrels per day from 101.54 million barrels per day expected previously. The agency improved its expectations of global oil demand to 102.2 million barrels per day in 2023.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries fell by 14.7 million barrels in June, which is 115.4 million barrels below the average 5-year figure.

End