Russia cut oil production just 290,000 bpd in March, 2023 forecast raised by 210,000 bpd - IEA

MOSCOW. April 14 (Interfax) - Russia could produce on average 10.56 million barrels of oil per day in 2023, the International Energy Agency said in its latest monthly report.

A month earlier the IEA forecast Russian oil production at 10.35 million bpd in 2023, so this was raised by 210,000 bpd. However, the forecast is 530,000 bpd below 2022 levels.

The IEA said the forecast had been revised due to stable exports of Russian oil to new markets, despite Western sanctions. It said deep price discounts had been attracting traders willing to risk handling these barrels.

Russian crude production fell by an estimated 290,000 bpd in March to 9.58 million bpd, missing the country's 500,000 bpd cutback target as the country appears to be routing its barrels to new outlets, the IEA said.