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

MOSCOW, Apr 14 (PRIME) -- The International Energy Agency (IEA) has again raised its forecast for Russia’s production of oil and condensate in 2023 by 210,000 barrels per day, and expects the output to fall by 530,000 barrels per day this year, the IEA said in a monthly report on Friday.

The average output of oil and condensate by Russia will amount to 10.6 million barrels per day in 2023, the agency said.

The IEA also said that Russia’s combined exports of oil and oil products in March hit a record since April 2020, growing by 600,000 barrels per day on the month to 8.1 million barrels per day. Exports of oil products alone rose by 450,000 barrels per day to 3.1 million barrels per day, and the country’s revenue from oil exports rose by U.S. $1 billion on the month to $12.7 billion in March, down 43% on the year.

The combined production of all OPEC+ countries shrank by 380,000 barrels per day to 44.17 million barrels per day last month, with the output of OPEC falling by 140,000 barrels per day to 29.09 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 million barrels per day to a record of 101.9 million barrels per day.

The agency downgraded the forecast for the world’s combined oil output by 400,000 barrels per day, and it now expects the production to rise by 1.2 million barrels per day to 101.1 million barrels per day this year with the U.S. and Brazil contributing the most.

Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries rose by 9.6 million barrels in February to 2.84 billion barrels as of the end of the month, staying 7.5 million barrels below the average five-year figure.

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