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OPEC expects Russian oil production to be down 1.6% in 2022 — report

However, the organization notes the high degree of uncertainty related to the forecast

MOSCOW, June 14. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) forecasts that Russian oil and condensate production will contract by 1.6% year-on-year to 10.63 mln barrels daily in 2022, OPEC says in its June report.

In 2021, Russia produced 10.8 mln barrels of oil per day, according to the report. OPEC at the same time notes the high degree of uncertainty related to the forecast.

According to preliminary estimates of OPEC, Russia edged up oil and condensate production by 152,000 barrels per day against April to 9.3 mln barrels daily.

The Organization also revised the non-OPEC oil supplies growth outlook by 0.25 mln barrels per day down to 2.1 mln barrels daily in 2022. OPEC expects oil production to decline in Russia, Indonesia and Kazakhstan, while growth drivers among non-OPEC countries will be the US, Brazil, Canada, Kazakhstan, Guyana and China.

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