BAKU, Azerbaijan, May 11. The US Energy Information Administration (EIA) expects Russia’s crude oil and other liquid fuels production to decline from 10.9 million barrels per day (mb/d) in 2022 to 10.6 mb/d in 2023, Trend reports via EIA.
The forecast has stayed unchanged from the previous month's assessment.
"Russia’s production in March and April declined in part due to announced production cuts of 0.5 mb/d and maintenance at refineries in Russia, which we expect will end in June," the report said.
As the EIA forecasts, Russia's liquids output in 2024 will decrease further to 10.5 mb/d in 2024. The forecast has been upgraded slightly by 0.1 mb/d, compared to the last month's outlook.
"Our assumption of a return to near-normal refinery operations contribute to a slight increase in Russia’s liquids fuel production from 10.4 mb/d in the second quarter of 2023 to 10.5 mb/d through 2024," the agency added.
Meanwhile, as the EIA report noted, world liquids output in 2023 is projected to increase by 1.5 million barrels per day (mb/d) year-on-year - to an average 101.3 mb/d. The agency also projects further growth of world oil supply in 2024 to 103.02 mb/d, growing by 1.72 mb/d year-on-year.
