IEA: Russia’s Nov oil output falls by 50,000 bpd to 11.24 mln bpd

MOSCOW, Feb 15 (PRIME) -- Russia’s oil and condensate production decreased by 50,000 barrels per day (bpd) on the month to 11.24 million bpd in January, the International Energy Agency (IEA) said in a report on Wednesday.

Since the start of the conflict in Ukraine, Russia’s oil output kept a better pace than expected, and IEA improved its oil production forecast by 300,000 bpd, The agency expects the output to fall by 1 million barrels to 10 million bpd as of the end of March as compared with before the beginning of its military operation.

At the same time, Russia’s oil exports in January rose by 300,000 bpd on the month to 8.2 million bpd prior to introduction of the embargo and price caps on its oil products, while exports to Europe shrank by 450,000 bpd. Moscow’s revenue from oil exports grew slightly on the month but fell by 36% on the year to U.S. $13 billion in January, the agency said.

The OPEC+’s oil production decreased by 160,000 bpd to 44.29 million bpd in the month, down 1.93 million bpd as compared with the maximum output allowed by the oil agreement.

The IEA has raised its forecast for the global oil production in 2023 to 101.3 million bpd, up from 101.1 million bpd expected previously. The agency also improved its expectations of global oil demand to 101.9 million bpd in 2023 from 101.7 million bpd.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries fell by 18.1 million barrels on the month to 2.767 billion barrels as of the end of December 2022, 95.7 million barrels below the average five-year figure. But combined oil reserves of the countries, including commercial and strategic reserves, shrank by 34.4 million barrels to 3.977 million barrels, the lowest figure since April 2004.

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