MOSCOW, January 17. /TASS/. Russia’s production of liquid hydrocarbons slipped by 2%, or by 250,000 barrels per day, in 2023 to 10.78 mln barrels per day, OPEC reported. The petroleum producers’ cartel takes all announcements of output cuts within OPEC+ made earlier into consideration.

That said, the country’s production of liquid hydrocarbons is expected to remain roughly at the same level of around 10.77 mln barrels per day in 2024. Additional liquids production is expected to be offset by declines at mature fields, according to the report.

In 2025, Russian liquids production is forecast to increase marginally by 30,000 barrels per day compared with the previous year, OPEC said. "In addition to project ramp-ups at several oil fields, there will be start-ups by Lukoil, Russneft, Sheshmaoil, Gazprom, Rosneft and Sintek-Oil," the report said.

Russia’s oil production fell by 300,000 barrels per day in November 2023 to 9.2 mln barrels per day. Meanwhile, liquids production went down by 80,000 barrels per day in the same period to 10.4 mln barrels per day.

In 2022, Russia’s production of liquid hydrocarbons averaged 11.03 mln barrels per day, according to the report. It totaled 11.19 mln barrels per day in Q1 2023, 10.86 mln barrels per day in Q2, 10.78 mln barrels per day in Q3, and 10.29 mln barrels per day in Q4.

In December, Russia’s Energy Ministry projected crude production in the country for 2023 at 523 mln tons or slightly lower, an around 2% decrease compared with the previous year.