Page 88 - RusRPTDec23

9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
Russia's oil production saw a monthly increase of 30,000 barrels per day (bpd) in October, reaching a total of 9.53 million barrels per day, as reported by the International Energy Agency (IEA) in its update on November 14.
The output of both oil and condensate rose by 50,000 bpd month-on-month, reaching 10.9 million barrels per day, according to the IEA. However, the agency anticipates Russia's average production of liquid hydrocarbons in 2023 will decrease by 140,000 bpd to 10.95 million barrels per day.
In October, Russia's exports of oil and oil products declined by 70,000 bpd, totaling 7.5 million barrels per day. Export revenue also decreased by $25 million to $18.34 billion. Notably, maritime exports of oil alone increased by 110,000 bpd to 5.04 million barrels per day during the same month, according to the IEA's findings.
Oil production by OPEC+ member countries increased by 70,000 bpd in October, reaching 36.51 million barrels per day. This figure is 400,000 bpd lower than the maximum output allowed by the oil agreement.
The IEA revised its global oil production forecast for 2023, now expecting it to rise by 1.7 million bpd to a record 101.8 million barrels per day. Additionally, the agency raised its projection for global oil demand growth to 2.4 million bpd from 2.3 million bpd, forecasting that demand will reach 102 million barrels per day in the current year.
Meanwhile, commercial oil reserves in OECD countries increased by 1.8 million barrels in September, reaching 2.831 billion barrels. Although this is the highest level since July 2021, it still remains 71.2 million barrels below the average figure for the past five years.
Russia’s oil production remained at the level of August-July of 9.5mn barrels per day in September 2023, OPEC reported on November 13.
Meanwhile the production of liquid hydrocarbons rose by 85,000 barrels per day in September to an average of 10.8mn barrels per day.
88 RUSSIA Country Report December 2023 www.intellinews.com