Page 123 - RusRPTJul23

International Energy Agency (IEA) on June 15.
Additionally, oil and oil product exports from Russia dropped by 260,000 barrels per day to 7.8mn barrels per day in May. Oil exports increased by 90,000 barrels per day to 5.2mn barrels per day, while oil product exports decreased by 350,000 barrels per day to 2.6mn barrels per day. The IEA noted that revenue from oil exports fell by 36% y/y to $13.3bn.
Within the OPEC+ alliance, oil production decreased by 750,000 barrels per day in May, totaling 36.86mn barrels per day. This marks a decline of 2.6mn barrels per day compared to the maximum output allowed by the oil agreement. Furthermore, the alliance plans to further reduce production by 200,000 barrels per day in 2024.
The IEA revised its forecast for global oil production in 2023 to 101.3mn barrels per day, up from the previous estimate of 101.1mn barrels per day. The agency also improved its outlook for global oil demand in 2023 to 102.3mn barrels per day.
In April, commercial oil reserves of the organisation for Economic Cooperation and Development (OECD) countries increased by 33.6mn barrels. However, this figure remains 86.4mn barrels below the average level observed over the past five years.
Russia will reduce oil output by 20mn tonnes in 2023 compared with 2022, Energy Minister Nikolay Shulginov said in an interview with Izvestiya on the sidelines of the St. Petersburg International Economic Forum (SPIEF). "Oil output with condensate with go down by probably around 20mn tonnes compared with last year," he said. Earlier, Russia decided to voluntarily reduce crude output by 500,000 barrels per day starting March. Later the policy was extended until the end of December 2024. In 2022, Russia’s oil production amounted to 535mn tonnes, up by 2% compared with the previous year. Export rose by 7%.
Russia’s gas production is currently 8-10% below the forecast, Energy Minister Nikolay Shulginov said in an interview with Izvestia on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
"We are guided by forecasts envisioned by the social and economic development outlook. Today we see that production is 8-10% lower than the outlook," he said.
Russia will boost its LNG production in 2023 to 32mn tonnes from 30mn tonnes in the previous year, the minister added.
"On liquified gas we roughly target the figures suggested by the [socio-economic development] outlook, growth by 1-2mn tonnes to around
123 RUSSIA Country Report July 2023 www.intellinews.com