BAKU, Azerbaijan, September 14. Russia's crude output in 2023 is expected to stand at 10.9 mb/d.
According to the data obtained by Trend from the International Energy Agency (IEA), this projection has been downgraded by 160,000 b/d, compared to the previous month's assessment.
Meanwhile, Russia's average oil production was broadly steady in August at close to 9.5 mb/d. At the same time, in August, Russia agreed to cut its crude exports by 500,000 b/d, compared to May-June levels.
Russia's crude supply to other countries has been estimated at 4.8 mb/d last month, which is a decrease of around 200,000 b/d from the May-June average. Although, as the IEA noted, the country's total oil exports were nearly 500,000 b/d lower over the same period.
The agency reminded that, starting from September through 2023-end, Russia has committed to moderate exports by 300,000 b/d. Meanwhile, the total output of crude oil, condensates and NGLs over the last month stood at 10.75 mb/d - down by 40,000 b/d month-on-month, due to lower condensate output.
As the IEA noted, major Russian producer Rosneft reported that it pumped 4 mb/d of liquids in 1H2023, which is an increase of almost 7 percent year-on-year, on the back of higher drilling rates. Output in 2Q2023 fell 2 percent versus 1Q2023, to 3.9 mb/d due to OPEC+ cuts.
