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Russia’s oil output up by 0.3 mbd in December 2023 to 9.5 mbd — OPEC

For 2023, Russian liquids production is expected to decrease by 0.1 mln barrels per day, to average 10.9 mln barrels per day

MOSCOW, February 13. /TASS/. Russia’s oil production went up by 300,000 barrels per day in December 2023 compared with November - from 9.2 mln barrels per day to 9.5 mln barrels per day, OPEC said in its February report.

According to data provided by the cartel in its previous reports, Russia’s oil output has remained at 9.5 mln barrels per day excluding condensate since June 2023. Overall the country’s production of liquid hydrocarbons fell by 90,000 barrels per day in December to 10.8 mln barrels per day.

For 2023, Russian liquids production is expected to decrease by 0.1 mln barrels per day, to average 10.9 mln barrels per day. For 2024, Russian liquids production is forecast to drop by about 80,000 barrels per day compared with the previous year, averaging 10.8 mln barrels per day. "It is worth noting that this takes into account the announced production adjustments to the end of 2024. In addition to project ramp-ups at several oil fields, there will be start-ups by Rosneft, Russneft, Lukoil, Gazprom, Neftisa and TenderResurs. However, overall additional liquids production is expected to be offset by declines at mature fields," OPEC said.

Russian liquids production is projected to increase marginally by 30,000 barrels per day compared with the previous year, averaging 10.9 mln barrels per day in 2025. In addition to project ramp-ups at several oil fields, there will be start-ups by Lukoil, Russneft, Sheshmaoil, Gazprom, Rosneft and Sintek-Oil, according to the report.

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