IEA upgrades forecast for Russia’s oil output in 2023

MOSCOW, Mar 15 (PRIME) -- The International Energy Agency (IEA) is surprised with the stability of Russia’s production of liquid hydrocarbons, and it upgraded the forecast for the output fall in 2023 to 740,000 barrels per day from 1.1 million barrels per day, the IEA said in a monthly report on Wednesday.

The average output of oil and condensate by Russia should amount to 10.4 million barrels per day in 2023, the agency said.

In February, all the countries of the OPEC+ alliance raised their combined oil output by 180,000 barrels per day on the month to 44.53 million barrels per day, with OPEC expanding its production by 70,000 barrels to 29.17 million barrels per day and non-OPEC countries adding 110,000 barrels to 15.36 million barrels per day.

The IEA also maintained its expectations for the growth of oil demand in the world this year. It should rise by 2 million barrels per day to a record of 102 million barrels per day mainly driven by the international aviation industry and China.

The agency also improved the forecast for the world’s combined oil output by 400,000 barrels per day, and it now expects the production to rise by 1.6 million barrels per day to 101.6 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 54.8 million barrels on the month to 2.851 billion barrels as of the end of January, the highest level since July 2021 but still 25.5 million barrels below the average five-year figure.

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