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Russia maintains oil output of 9.5 mln bpd in October — OPEC

The organization retained its forecast for a decline in liquid hydrocarbon production in Russia in 2023 by 0.4 mln bpd to 10.6 mln bpd

MOSCOW, December 13. /TASS/. Oil production in Russia at the end of October 2023 remained at the level of July-September and amounted to 9.5 mln barrels per day, OPEC said in a report.

At the same time, production of liquid hydrocarbons in October increased by 55,000 bpd, averaging 10.9 mln bpd.

OPEC also retained its forecast for a decline in liquid hydrocarbon production in Russia in 2023 by 0.4 mln bpd to 10.6 mln bpd, while the output forecast for 2024 was kept at the level of 2023 of 10.6 mln bpd.

OPEC also stated that the prediction includes all cutbacks announced by Russia within the framework of OPEC+ until the end of 2023 and for 2024. The group stated that a number of oil fields will be launched in Russia, but that production in mature fields will be reduced.

In November, Russian Deputy Prime Minister Alexander Novak revealed that Russia has chosen to increase the cut in oil and fuel supply from 300,000 to 500,000 barrels per day, which will be in effect until the end of March 2024. At the same time, Russia will begin to tighten supply limitations in December and it also aims to fully fulfill its responsibilities to reduce oil and fuel supplies voluntarily beginning in January 2024.

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