Page 92 - RusRPTDec23

Deputy Prime Minister of Russia, Alexander Novak, reaffirmed the country's energy outlook for the year 2023 during a meeting at the Federation Council, the upper chamber of the parliament. Novak stated, "We expect oil production of around 527mn tonnes, compared to 535mn tonnes last year. Coal production will amount to approximately 440mn tonnes, remaining flat compared to the previous year. Gas output is anticipated to be lower by about 30bn cubic meters." The Deputy Prime Minister also reported a stable situation in the power generation market, with power production expected to reach 1.150bn kilowatt-hours (kWh), marking a modest increase of 0.8% compared to the previous year. Additionally, Novak revealed that the government is exploring the possibility of implementing additional measures to stimulate the production of hard-to-recover oil. These measures are aimed at supporting and enhancing the country's energy sector. The confirmation of Russia's energy outlook for 2023 provides stability and predictability in the country's energy production and consumption, contributing to its position as a major player in the global energy landscape.
The OPEC has raised its forecast for global oil demand growth in 2023 by 100,000 barrels per day (bpd) and now expects its consumption to increase by 2.5mn bpd, to 102.1mn bpd, the organisation’s report says. Previously, OPEC expected demand to grow by 2.4mn bpd for three months in a row.
The organisation also left unchanged its forecast for 2024, which envisages an increase in oil demand by 2.2mn bpd, to 104.3mn bpd. Next year, as OPEC expects, steady growth in the global economy and the continued improvement in the Chinese economy will contribute to increased demand for oil.
The organisation attributes the revision of expectations for this year to higher
92 RUSSIA Country Report December 2023 www.intellinews.com