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Russia maintains oil output at 9.5 ln bpd in January — OPEC

The organization also emphasized that the launch of several new oil projects in Russia will be offset by a decline in production from the country's mature fields

MOSCOW, March 12. /TASS/. In January 2024, Russia maintained oil production at the level of December 2023 at 9.5 mln barrels per day (bpd), according to the March OPEC report.

According to data from previous OPEC reports, Russia is maintaining oil production without taking into account condensate at 9.5 mln bpd from June 2023. In general, the output of liquid hydrocarbons in Russia in January also did not change compared to December 2023 and amounted to 10.9 mln bpd.

OPEC expects that in 2024, Russia’s output of liquid hydrocarbons will decrease by about 0.2 mln bpd to 10.7 mln bpd, taking into account all the voluntary restrictions on oil production that Russia has undertaken within the OPEC+ deal.

The organization also emphasized that the launch of several new oil projects in Russia will be offset by a decline in production from the country's mature fields.

In 2025, according to OPEC's forecast, liquid hydrocarbon production in Russia will increase by 0.1 mln bpd due to expanded production at some fields and the launch of new projects by Russia’s largest oil companies.

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