OPEC Expects Growth In Russian Oil, Condensate Output In 2022 By 69,000 Bpd To 133,000 Bpd

MOSCOW (UrduPoint News / Sputnik - 14th November, 2022) OPEC expects an increase of 69,000 barrels per day, to 133,000 barrels per day in oil and condensate production in Russia in 2022, according to the organization's fresh report published on Tuesday.

"Russian liquids output in 2022 is forecast to increase y-o-y by 133 tb/d to average 10.9 mb/d.

This is revised up by 69 tb/d from the previous month's assessment, mainly due to higher output in September and higher than- expected preliminary production data in October," the report said.

In 2023, the indicator will decrease by 850,000 barrels per day, to an average of 10.1 million barrels per day, according to OPEC.

"For 2023, Russian liquids production is forecast to drop by 0.85 mb/d to average 10.1 mb/d. This is revised down by 62 tb/d from the previous assessment, due to base changes in 2022," the report said.

OPEC added that oil production forecasts in Russia remains subject to high uncertainty.