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operation in Ukraine but two thirds of these volumes were redirected to other markets, IEA informed. India, China and Turkey are among destinations for Russian oil supplies.
Russia’s oil production in July 2022 was 310,000 barrels per day lower than the production level observed before the start of developments in Ukraine and exports were 580,000 barrels daily lower than such level, IEA said.
Russian oil deliveries to the global market can fall even stronger after the EU import ban comes into force, the Agency said. The country will have to find new markets for 1mn barrels daily of petroleum products and 1.3mn barrels daily of crude oil, IEA noted.
Russian Gazprom reduced production volumes by 12% and exports by 35%. In seven months of 2022, Russian Gazprom produced 262.4bn cubic metres of gas, which is 35.8bn cubic metres, or 12%, less than in the same period last year, reported Gazprom. Exports amounted to 75.3bn cubic metres - 34.7% less than in 2021. At the same time, the company reported an increase in gas exports to China through the Power of Siberia gas pipeline. Supplies increased by 60.9% in seven months. In particular, in July supplies regularly exceeded the daily contractual quantities and surpassed previous daily records for export volume by 300%. "The decrease in gas consumption in the EU has become a key factor in reducing global demand," stated Gazprom.
Liquid hydrocarbons production in Russia can grow in 2022 by 0.77% or by 80,000 barrels daily against 2021 and reach 10.88mn barrels daily, the Organisation of Petroleum Exporting Countries (OPEC) said in its August report.
OPEC expected production of oil in Russia will drop by 1.6% to 10.63mn barrels daily in its previous forecast.
The Organization at the same time expects liquid hydrocarbons production in Russia to tumble 3.36% to 10.52mn barrels daily in 2023.
In June 2022, Russia scaled up production by 520,000 barrels daily to 11mn barrels per day on average, OPEC said. Crude oil and condensate account for 9.8mn barrels daily, while the share of natural gas liquids (NGL) stood at 1.2mn barrels per day. Oil production in July 2022 increased provisionally by 58,000 barrels per day to 9.9mn barrels daily.
115 RUSSIA Country Report September 2022 www.intellinews.com