US EIA cuts Russia's oil output forecast for 2023 to 10.6 mln bpd

MOSCOW, May 10 (PRIME) -- Russia's oil output is to decline to 10.6 million barrels per day (bpd) in 2023 and to 10.5 million bpd in 2024 from 10.9 million bpd in 2022, the U.S. Energy Information Administration (EIA) said on Tuesday.

The global oil output will rise by 1.5 million bpd to 101.34 million barrels per day in 2023, mainly thanks to higher production by the non-OPEC states.

The non-OPEC production will rise by 2.2 million bpd in 2023 and by 1.1 million bpd in 2024.

Global oil production in 2024 is forecast at 103.02 million bpd.

The authority cut the Brent price estimate for 2023 by 7.5% to U.S. $78.65 per barrel. The 2024 estimate was reduced by 8.3% to $74.47 per barrel.

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