OPEC raised its forecast for the output of liquid hydrocarbons in Russia for 2022 by 26,000 barrels per day (bpd) to 10.96 mln bpd, follows from the report of the organization.
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.
Russia’s output in October slightly decreased by 15,000 bpd, to 11.1 mln bpd, including 9.7 mln bpd of oil and 1.3 mln bpd of natural gas liquids and condensate, OPEC said. According to the organization’s preliminary estimates, oil output in Russia in November increased by 96,000 bpd to 9.8 mln barrels, while condensate and natural gas liquids decreased by 22,000 bpd.
OPEC also left unchanged the forecast for production in the Russian Federation for 2023, expecting a decline of 850,000 bpd to 10.1 mln bpd. Meanwhile, the organization noted that the forecast for production in Russia is subject to high uncertainty.
Meanwhile, OPEC countries in November 2022 reduced oil production by 744,000 barrels per day to 28.826 mln barrels per day. In November, the OPEC countries (except Iran, Libya and Venezuela), participating in the OPEC+ agreement, reduced oil production by 626,000 bpd, to 24.478 mln bpd, which is almost 1 mln bpd below the volume, stipulated by the deal.
According to the plan, from November the OPEC+ countries were to reduce oil output by 2 mln bpd in comparison with the August level. That means that under the agreement 10 OPEC countries had to reduce production by 1.273 mln bpd, to 25.416 mln bpd.
