IEA Upgrades Russia's 2023 Output Decline Forecast To 740,000 Bpd From 1.1Mln Bpd - Report

IEA Upgrades Russia's 2023 Output Decline Forecast to 740,000 Bpd From 1.1Mln Bpd - Report

MOSCOW (UrduPoint News / Sputnik - 15th March, 2023) The International Energy Agency (IEA) said in its fresh report on Wednesday that it was surprised by the steady production of crude oil and condensates in Russia, and improved its forecast for 2023, expecting a decrease of only 740,000 barrels per day instead of the previously predicted 1.1 million barrels per day.

"Russian oil supply has held up surprisingly well following its invasion of Ukraine as measures have been put in place to facilitate the re-routing of crude oil exports to new markets. These robust shipments are supporting our 300 kb/d upward revision of Russian output for this year.

We now expect average oil production of 10.4 mb/d in 2023, down 740 kb/d y-o-y," the report said.

Russia's crude oil production rose by 130,000 barrels per day in February, the report said.

"Russian crude production rose by 130 kb/d in February to 9.91 mb/d as the country appears to have found additional outlets for its barrels despite EU sanctions. Total output of crude oil, condensates and NGLs increased to 11.37 mb/d - just 30 kb/d lower than before Russia invaded Ukraine in February 2022," according to the report.