OPEC trims Russia’s oil production outlook for 2023

Russian liquid fuel production is forecast to drop by 750,000 b/d to average 10.3 million b/d this year, according to OPEC’s latest oil market report.

PHOTO: Oil production and extraction in Russia. Getty Images

Russia's decision to prune oil output through 2023 has prompted OPEC to further lower its estimate of fuel production from the country.

Russia's liquid fuel production is forecast to drop by 750,000 b/d to average 10.3 million b/d this year, marking an additional decline of 50,000 b/d from the March forecast.

Meanwhile, an early assessment of Russia's crude production for March shows a rise in monthly oil output. March's production is estimated to reach 10 million b/d, up from 9.9 million b/d in February, as per OPEC's latest Monthly Oil Market Report.

Core OPEC member nations are expected to have produced 28.80 million b/d of crude oil in March – a decrease of 86,000 b/d on the month.

OPEC has forecast non-OPEC liquid fuel production to grow by 1.43 million b/d this year to average 67.19 million b/d. This forecast remains largely unchanged from the March report.

Meanwhile, OPEC has forecast US crude oil production to average 12.57 million b/d this year. This marks a slight downard revision from its March forecast.

By Konica Bhatt

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