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the deal until the end of 2023. The countries’ production volumes in August 2022 were taken as the basis for calculating the reduction in oil production. The communique published at the end of the meeting noted that the decision to reduce production was made taking into account uncertainties both in the global economy and in the oil market. At a meeting on December 4, the countries of the alliance decided to keep the current plan for oil production.
The next meeting of the OPEC+ monitoring committee will take place on February 1, 2023, and the general meeting of the alliance is scheduled for June 4, 2023.
OPEC has maintained its forecast for the growth of world oil demand in 2022 at 2.5mn barrels per day (bpd) to 99.6mn bpd, the organization said in a report in December.
The forecast for demand growth for 2023 was also kept at 2.2mn bpd, the figure is expected to reach 101.8mn bpd.
At the same time, OPEC expects oil supplies from non-OPEC countries to rise by 1.9mn barrels per day (bpd) in 2022 to 65.6mn bpd. Thus, the organization retained the previous estimate. The main drivers of the supply growth, according to the organization, will be the United States, Canada, Guyana, Russia, China and Brazil, while Norway and Thailand may reduce oil supplies.
OPEC also raised its forecast for the output of liquid hydrocarbons in Russia for 2022 by 26,000 barrels per day (bpd) to 10.96mn bpd. Thus, the figure will increase by 160,000 bpd in 2022 compared to the previous year. The organization noted that the revision was mainly due to Russia’s higher level of production in October and, according to preliminary data, in November.
Gas production in Russia in January-November 2022 decreased by 11.6% compared to the same period last year and amounted to 612.9bcm.
This was reported to Vedomosti by two sources familiar with the statistics of the Ministry of Energy. The main contribution to the overall dynamics was made by the decline in production at Gazprom. The largest independent gas producers - Rosneft and Novatek - showed an increase in production.
According to expert forecasts, if exports continue to decline, gas production in Russia by the end of 2022 may decrease by about 11% and amount to 677bcm. m.
In 2021, according to the CDU of the Fuel and Energy Complex, gas production in Russia increased by 10% to 762.3bcm. In the materials of the Russian Energy Agency of the Ministry of Energy (available at the
119 RUSSIA Country Report January 2023 www.intellinews.com