Page 147 - RusRPTApr23

Russia boosted liquid hydrocarbons production by 36,000 barrels daily to 11.2mn barrels per day in January, OPEC said. In 2023, the indicator is expected to drop by 0.7mn barrels daily to 10.1mn barrels a day. The forecast for oil production in Russia is characterized by a high degree of uncertainty, the Organization said.
The discount for the Russian Urals oil blend in Northwestern European ports in February increased by $1.31 against January and stood at $35.72 per barrel, OPEC estimated.
The Organization of the Petroleum Exporting Countries (OPEC) expects that global oil demand growth can reach 2.3mn barrels per day (bpd) in 2023, according to the organisation’s March report.
Thus, the indicator remained unchanged compared to the previous assessment. In absolute terms, oil demand can average 101.9mn bpd in 2023.
The organisation also maintained its non-OPEC liquid hydrocarbons production growth forecast in 2023 at 1.4mn bpd. In absolute terms, the figure may reach 67.2mn bpd.
The Russian Ministry of Energy expects a decrease in oil and gas production in Russia in 2023 due to the voluntary reduction in oil output and Europe refusing Russian gas, Russian Energy Minister Nikolay Shulginov said on March 28. "We anticipate that oil production will be slightly lower in 2023 as a result of voluntary production cuts aimed at stabilisation. The level of gas production for the year may also be lower due to European consumers' refusal of our gas and our inability to immediately reorient gas flows - you need to build new infrastructure for this," he said.
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147 RUSSIA Country Report Russia April 2023 www.intellinews.com