MOSCOW, February 14. /TASS/. According to preliminary data, Russia’s oil output excluding gas condensate in January 2023 decreased by 88,000 barrels per day (bpd) against December 2022 to 9.7 mln bpd, according to the February report from OPEC.
At the same time, Russia raised its liquid hydrocarbon production by 21,000 bpd in December, reaching 11.2 mln bpd, according to OPEC. In general, OPEC estimated the volume of liquid hydrocarbon output in 2022 at 11 mln bpd.
In 2023, the organization expects the figure to decrease by 0.9 mln bpd to 10.1 mln bpd (-50,000 bpd compared to the previous estimate). At the same time, OPEC noted that the forecast for Russia’s output is fraught with uncertainties.
In an interview with TASS, Russian Deputy Prime Minister Alexander Novak stated that in 2023, there are risks of Russia cutting output with a possible peak decline of 7-8% under the terms of the embargo on oil exports to the European Union, which came into effect on December 5, 2022. However, he estimated that Russia would generate at least 490-500 mln metric tons in 2023.
According to Novak, oil production in Russia, excluding gas condensate, remained unchanged in January 2023 and reached around 9.8-9.9 mln bpd.