IEA: Russian oil output rises to 9.53 mln bpd in October

MOSCOW, Nov 14 (PRIME) -- Russia’s oil production increased by 30,000 barrels per day (bpd) on the month to 9.53 million barrels per day in October, the International Energy Agency (IEA) said in a report on Tuesday.

Output of oil and condensate increased by 50,000 barrels per day on the month to 10.9 million barrels per day. the agency said, adding that it expected the country’s average output of liquid hydrocarbons in 2023 to shrink by 140,000 barrels per day to 10.95 million barrels per day.

Russia’s exports of oil and oil products in October shrank by 70,000 barrels per day to 7.5 million barrels per day, with the export revenue falling by U.S. $25 million to $18.34 billion. Maritime exports of oil alone gained 110,000 barrels per day to 5.04 million barrels per day in the month, according to the IEA.

Oil production by OPEC+ increased by 70,000 barrels per day to 36.51 million barrels per day in the month, down by 400,000 million barrels per day as compared with the maximum output allowed by the oil agreement.

The IEA improved its forecast for global oil production in 2023, and it expects the production to rise by 1.7 million barrels per day to a record of 101.8 million barrels per day. In addition to that, the agency raised its expectations for the growth of global oil demand to 2.4 million barrels per day from 2.3 million barrels per day, and it expects demand to reach 102 million barrels per day this year.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries rose by 1.8 million barrels in September to 2.831 billion barrels, the highest figure since July 2021, which is still 71.2 million barrels below the average 5-year figure.

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