BAKU, Azerbaijan, August 15. The International Energy Agency's (IEA) expectations foresee an average oil production of 10.86 mb/d in Russia in 2023, indicating a year-on-year reduction of 230,000 b/d, Trend reports.
According to the data received from the IEA, in July, Russian crude oil production declined by 50,000 barrels per day to reach 9.4 mb/d, primarily due to reduced exports and increased domestic refinery operations. The combined output of crude oil, condensates, and NGLs in July totaled 10.74 mb/d, which is 660,000 b/d lower than the levels recorded in February 2022 when Russia-Ukraine war started.
The IEA's August production forecast has been adjusted downward by slightly under 200,000 b/d, with a slight increase projected for the following month.
As the agency noted, Moscow has exceeded its voluntary reduction target of 500,000 b/d. Additionally, Russia has committed to further decrease oil exports by 500,000 b/d in August, and 300,000 b/d in September. Russian Deputy Prime Minister Alexander Novak clarified that Russia's aim is to decrease global market supplies, allowing individual companies to decide whether to decrease production or exports.
