- Home
- Business
- 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
Muhammad Irfan Published March 15, 2023 | 02:10 PM
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.
Recent Stories
Aeon & Trisl signifies back-to-back successes by securing the No. 1 Award at the ..
Attaullah Tarar’s success notification from NA-127 challenged
PSX witnesses positive trend today
PM Shehbaz meets CJP Isa to address IHC judges’ concerns
Pakistan vows to bring to justice perpetrators, abettors of Bisham terrorist att ..
May 9 riots: SC allows conditionally to military courts to deliver reserved verd ..
Interior Minister arrives in Peshawar after Shangla suicide attack
OPPO Reno 11 F 5G: Setting New Records as Pakistan's Most Beloved Smartphone Lin ..
PCB dismisses FICA's claims of unpaid dues in PSL
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
Today Gold Rate in Pakistan 28 March 2024
Niger says US to submit plan to 'disengage' troops
More Stories From Business
-
Russian Ambassador congratulates Jam Kamal on assuming charge, discusses trade
45 minutes ago -
Aeon & Trisl signifies back-to-back successes by securing the No. 1 Award at the Emaar & Top Award a ..
50 minutes ago -
Development of SMEs govt's top priority: Rana Tanveer
1 hour ago -
PSX witnesses positive trend today
2 hours ago -
Gold rates up by Rs.1,500 to Rs.231,000 per tola
3 hours ago -
Pakistan earns US $419m from travel services' export in Jul-Jan
4 hours ago
-
Tokyo stocks drop on ex-dividend day
5 hours ago -
Exchange rates for currency notes
5 hours ago -
Foreign exchange rates
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
8 hours ago -
Today Gold Rate in Pakistan 28 March 2024
8 hours ago -
Tokyo shares sink on ex-dividend day
9 hours ago