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produced at the same level as in the previous months,” he said.
But oil refining fell by several percentage points in February as compared with January, and the government is analyzing the situation, he said. Novak also said that the Russian ministries and companies discuss whether to retaliate against the West’s price cap on Russian oil products.
Russia’s oil and condensate production decreased by 50,000 barrels per day (bpd) on the month to 11.24mn bpd in January, the International Energy Agency (IEA) said in a report on Wednesday.
Since the start of the conflict in Ukraine, Russia’s oil output kept a better pace than expected, and IEA improved its oil production forecast by 300,000 bpd, The agency expects the output to fall by 1mn barrels to 10mn bpd as of the end of March as compared with before the beginning of its military operation.
At the same time, Russia’s oil exports in January rose by 300,000 bpd on the month to 8.2mn bpd prior to introduction of the embargo and price caps on its oil products, while exports to Europe shrank by 450,000 bpd. Moscow’s revenue from oil exports grew slightly on the month but fell by 36% on the year to $13bn in January, the agency said.
The OPEC+’s oil production decreased by 160,000 bpd to 44.29mn bpd in the month, down 1.93mn bpd as compared with the maximum output allowed by the oil agreement.
The IEA has raised its forecast for the global oil production in 2023 to 101.3mn bpd, up from 101.1mn bpd expected previously. The agency also improved its expectations of global oil demand to 101.9mn bpd in 2023 from 101.7mn bpd.
Commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries fell by 18.1mn barrels on the month to 2.767bn barrels as of the end of December 2022, 95.7mn barrels below the average five-year figure. But combined oil reserves of the countries, including commercial and strategic reserves, shrank by 34.4mn barrels to 3.977mn barrels, the lowest figure since April 2004.
Russian oil companies boosted their oil and gas condensate production by 3.5% in December 2022 month-on-month to 46.2mn tonnes despite the enforcement of the European Union’s embargo on Russian oil supplies, the Federal State Statistics Service (Rosstat) said on February 1, adding that supplies also added 0.1% y/y. In 2022, Russia’s oil and gas condensate rose by 2.1% to 534mn tonnes. Crude output excluding gas condensate gained 1.2% in 2022 to 493mn tonnes. Meanwhile, December production lost 1.5% y/y to 42.3mn tonnes, and increased by 3.4% month-on-month.
Russia produced 9.8–9.9mn barrels of oil per day in January, unchanged from December, Deputy Prime Minister Alexander Novak told reporters on
133 RUSSIA Country Report March 2023 www.intellinews.com