IEA: Russia’s Oct oil output falls by 40,000 bpd to 11.07 mln bpd

MOSCOW, Nov 15 (PRIME) – Russia’s oil and condensate production decreased by 40,000 barrels per day (bpd) on the month to 11.07 million bpd in October, the International Energy Agency (IEA) said in a report on Tuesday.

The output will likely remain on the October level in November, while a decrease will likely restart in December when the E.U. embargo on Russian seaborne oil takes effect, the agency said.

Russia is to produce 11.01 million bpd of oil on average in 2022. In 2023, the output may decrease to 9.6 million bpd on average.

Russia's oil exports in October grew by 165,000 bpd to 7.7 million bpd thanks to the persisting supplies to the E.U., China and India, while the lower exports to Turkey were overcompensated by exports to unidentified areas. Income from exports rose by U.S. $1.7 billion to $17.3 billion.

The OPEC+’s oil production increased by 70,000 bpd to 44.92 million bpd in the period.

The IEA has retained its forecast for the global oil production in 2022 at 99.9 million bpd, while in 2023 the production should reach 100.7 million bpd.

The IEA now expects global oil demand at 99.8 million bpd in 2022, and at 101.4 million bpd in 2023.

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