IEA again upgrades forecast for Russia’s oil output in 2023

MOSCOW, May 16 (PRIME) -- The International Energy Agency (IEA) has again raised its forecast for Russia’s production of oil and condensate in 2023 by 180,000 barrels per day, and expects the output to fall by 350,000 barrels per day this year, the IEA said in a monthly report on Tuesday.

The average output of oil and condensate by Russia will amount to 10.7 million barrels per day in 2023, the agency said.

The IEA also said that Russia’s combined exports of oil and oil products in April hit a record since February 2022, growing by 50,000 barrels per day on the month to 8.3 million barrels per day. Exports of oil products alone rose by 250,000 barrels per day to 5.2 million barrels per day, and the country’s revenue from oil exports rose by U.S. $1.7 billion on the month to $15 billion in April, down 27% on the year.

The combined production of all OPEC+ countries shrank by 400,000 barrels per day to 37.6 million barrels per day in April, with the output of OPEC falling by 310,000 barrels per day to 28.85 million barrels per day.

The IEA maintained its expectations for the growth of oil demand in the world this year -- it will rise by 2.2 million barrels per day to 102 million barrels per day.

The agency maintained its expectations for the growth of the world’s combined oil output by 1.2 million barrels per day to 101.1 million barrels per day this year.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries fell by 56.3 million barrels in March to 2.753 billion barrels, the deficit from the average five-year figure forecast rose to 88.7 million barrels.

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