OPEC raises its expectations for the growth of liquid hydrocarbon production in Russia in 2022 by 26,000 barrels per day, to reach 160,000 barrels per day.
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OPEC raises its forecast for oil production in Russia for the year 2022
Today, Tuesday, OPEC raised its expectations for the growth of liquid hydrocarbon production (oil and condensate) in Russia in 2022 by 26,000 barrels per day, to reach 160,000 barrels per day.
By the end of this year, the average production will reach 11 million barrels per day.
“The production of liquid hydrocarbons in Russia in 2022 is expected to grow by 100,000 barrels per day compared to last year, to an average of 11 million barrels per day,” the organization’s report for December said.
The report added, “Forecasts have been revised with an increase of 26,000 barrels per day from last month’s estimates, mainly due to the increase in production last October and preliminary production data that exceeded expectations in November.”
At the same time, the organization maintained its forecast for 2023 of a decrease in the index by 850 thousand barrels per day, to an average of 10.1 million barrels per day.
The Organization of the Petroleum Exporting Countries (OPEC) continues to note that Russia’s production outlook is “characterised by a high degree of uncertainty”.
It is worth noting that in the OPEC report issued in November, the organization raised its forecast for oil production in Russia in 2022 by 69,000 barrels per day due to higher production in September and October, according to preliminary estimates.
However, it cut its forecast for 2023 by 62,000 bpd due to a revised forecast for 2022.
Also read: “OPEC +” maintains the current levels of oil production