Page 126 - RusRPTJul23

While oil demand continues to rise both seasonally and structurally for the rest of the year, supply is expected to rise only temporarily, the statement said. Global oil production fell by 660,000 barrels per day in May to 100.6 mln bpd.
High oil demand will fade into history due to the Russian invasion of Ukraine and high prices, predicted the International Energy Agency (IEA). Energy experts predict that growth in global oil demand will come to a virtual halt over the next few years as high prices and Russia's incursion into Ukraine accelerate the transition to a clean energy economy. According to the agency, consumption in 2024 will grow twice as fast as in the previous two years, and the final peak in demand will come in this decade as electric cars reduce gasoline use. With production capacity increasing, markets will remain "adequately supplied" until 2028. According to the IEA report, global growth in fuel consumption will slow to 400,000 barrels per day in 2028. By this time, global demand will reach 105.7 million barrels per day.
OPEC has kept the forecast for the decrease of Russia's oil and gas condensate production in 2023 by 750,000 barrels per day to 10.28mn barrels per day, the organisation said in a report on June 13. Non-OPEC oil production may rise by 1.4mn barrels per day to 67.2mn barrels per day in 2023, the organisation said confirming its previous forecast. Russia's oil production in April declined by 100,000 barrels per day on the month to 9.6mn barrels per day, as follows from the report.
The Western mechanism for limiting prices for Russian oil and oil products has not stopped exports the World Bank said in its biannual economic outlook released on June 6. "Russia has changed the destination of its oil exports without a material change in volumes. The internationally coordinated (by G7 and a number of other Western states - TASS) price cap on its exports (currently set at $60/bbl) also does not appear to be a binding constraint to exports," the study notes.
OPEC+ has announced plans to reduce oil output by approximately 1.4mn barrels per day, bringing the total to 40.46mn barrels per day starting from January 1, 2024, until December 31, 2024. The decision was outlined in an official statement released on June 4.
Russia’s oil output quota under OPEC+ deal rises to 9.949 mln bpd in 2024 Initially, at the OPEC+ meeting on June 4 in Vienna, Russia's quota for 2024 was set at 9.828 mln bpd
The statement highlights the need to adjust the overall crude oil production for both OPEC and non-OPEC participating countries as part of the Declaration of Cooperation. The distribution of the reduced output will follow the attached table accompanying the statement.
Russia's Deputy Prime Minister Alexander Novak confirmed that Russia had
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