Fatih Birol, Director of the International Energy Agency estimated Reduction of Russia’s oil production in 2023. According to his forecasts, the level of production will fall by 1 million barrels per day. Reported by TASS.
“We expect Russian oil production to decline by about 1 million bpd in the coming quarters,” Birol said.
According to the head of the IEA, this will cause volatility in the oil markets. According to Birol, the key point in the situation in this market is the prospects for oil production in Russia.
Alexander Novak, Deputy Prime Minister of Russia in December 2022 gave an opinionHe did not ignore the fluctuations, however, that world oil prices could reach $70-100 per barrel in 2023. At the same time, the Deputy Prime Minister pointed out that no one knows what kind of “black swans” might appear on the world oil market. According to him, actions of a “populist nature” by European countries, including “intervention in market instruments”, may interfere with market pricing.
Alexander Novak also said that, above all, European suppliers, not Russia, would suffer from the introduction of a gas price cap by the European Union. Deputy Prime Minister noted that the liquidity of the European gas market may decrease due to the ceiling price.
Source: Gazeta
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