OPEC Adjusts Its Estimates for Black Gold Production in Russia

OPEC has increased its forecasts for oil and condensate production in Russia for the current year 2023 by 80,000 barrels per day to 10.6 million barrels per day, according to a report released today, Monday. According to a chart included in the report and OPEC's estimates, liquid hydrocarbons production in Russia is distributed throughout the current year as follows: in the first quarter, 11.19 million barrels per day; in the second quarter, 10.86 million; in the third quarter, 10.77 million; and in the fourth quarter, it is expected to be at 9.63 million barrels per day. This means that the average production in 2023 will be 10.6 million barrels per day, indicating a decrease of 0.4 million barrels per day. OPEC's report takes into account all announced production adjustments for countries included in the OPEC+ agreement until the end of 2023. Additionally, OPEC has adjusted its forecasts for global oil demand in 2023, expecting an increase of 2.5 million barrels per day to reach 102.1 million barrels per day.