IEA: Russian oil output rises to 9.48 mln bpd in September

MOSCOW, Oct 12 (PRIME) -- Russia’s oil production increased by 10,000 barrels per day (bpd) on the month to 9.48 million bpd in September, the International Energy Agency (IEA) said in a report on Thursday.

Output of oil and condensate increased by 40,000 bpd on the month to 10.81 million bpd mainly because of higher production of oil condensate, the agency said.

Oil production by OPEC+ increased by 450,000 bpd to 36.38 million bpd in the period, down by 540,000 million bpd as compared with the maximum output allowed by the oil agreement.

The IEA retained its forecast for global oil production in 2023 at a record of 101.6 million bpd. The agency raised its expectations for global oil demand to 2.3 million bpd from 2.2 million bpd.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries declined by 6.5 million bpd in September, which is 105.3 million bpd below the average 5-year figure.

End