IEA: Russian oil output falls to 9.5 mln bpd in November

MOSCOW, Dec 14 (PRIME) -- Russia’s oil production decreased by 30,000 barrels per day on the month to 9.5 million barrels per day in November, the International Energy Agency (IEA) said in a report on Thursday.

The output of oil and condensate also fell by 30,000 barrels per day to 10.9 million barrels per day in November, the agency said. Russia’s average output of liquid hydrocarbons in 2023 is still expected to shrink by 140,000 barrels per day to 10.95 million barrels per day.

Russia’s exports of oil and oil products shrank by 200,000 barrels per day to 7.2 million barrels per day, with the export revenue falling by U.S. $3.2 billion to $15.2 billion. The exports of oil shrank by 290,000 barrels per day, while supplies of oil products gained 80,000 barrels per day, according to the IEA.

Oil production by OPEC+ contracted by 270,000 barrels per day to 36.22 million barrels per day, down by 690,000 million barrels per day as compared with the maximum output allowed by the oil output reduction agreement.

The IEA improved its forecast for global oil production in 2023 by about 100,000 barrels per day, and expects the indicator to rise by 1.8 million barrels per day to a record of 101.9 million barrels per day. In spite of that, the agency cut its expectations for the growth of global oil demand to 2.3 million barrels per day from 2.4 million barrels per day, and expects demand to reach 101.7 million barrels per day in 2023.

The recent agreement of the OPEC+ alliance on cutting production outside of quotas should lead to the oil output falling by 500,000 barrels per day in January–March 2024 as compared with the end of 2023.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries fell by 19.1 million barrels to 2.812 billion barrels in October, which is still 71.2 million barrels below the average 5-year figure.

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