US Energy Department sees Russian oil output falling in 2022, 2023

MOSCOW, May 11 (PRIME) -- The U.S. Department of Energy has downgraded forecasts for Russia’s oil and gas condensate output by 0.4 million barrels per day in 2022 and by 0.6 million barrels per day in 2023 against a forecast released in April, the Energy Information Administration (EIA) said in a report on Tuesday.

Russia’s average oil and gas condensate production is expected at 10 million barrels per day in 2022 and 9.1 million barrels per day in 2023, the EIA said.

The Department of Energy also reduced forecasts for global oil demand to 99.6 million barrels per day in 2022 and to 101.5 million barrels per day in 2023.

The authority expects global oil demand to rise by 2.2 million barrels per day on the year to 99.6 million barrels per day in 2022 and by 1.9 million barrels per day to 101.5 million barrels per day in 2023.

The EIA also decreased the 2022 forecast for the average annual price of the Brent oil blend to U.S. $103.35 per barrel from $103.37 per barrel expected earlier and raised the 2023 forecast to $97.24 per barrel from $92.57 per barrel.

End