According to the Organization of Petroleum Exporting Countries (OPEC), liquid hydrocarbon production in Russia by the end of 2023 amounted to 10.92 million barrels per day. This was stated in OPEC’s February report.
This is 110 thousand barrels less than previously estimated. In December last year, oil production of the Russian Federation decreased to 10.8 million barrels per day. This is 90 thousand barrels less than in November.
OPEC expects production in Russia to fall further this year, from 80 thousand barrels per day to 10.84 million barrels.
Last summer, OPEC+ countries agreed to reduce oil production to balance the market. Additional agreements were reached in the autumn, with Russia promising to reduce oil exports to 500 thousand barrels per day.
The organization is also confident that global oil demand will increase in the 2024-2025 period. will stay stable and will be 2.2 and 1.8 million barrels/day respectively. In absolute terms, demand could reach 104.4 and 106.25 million barrels per day. The organization believes that demand in 2024 will be supported by air transport, the automotive industry and industry.
Previously in the USA anxious low oil reserves.