OPEC boosts Russian liquid hydrocarbon production estimate for 2023 by 160,000 bpd to 10.8 mln bpd, expects same levels in 2024-2025

MOSCOW. Jan 17 (Interfax) - Production of liquid hydrocarbons (oil and condensate) in Russia in 2023 will decrease by 290,000 bpd to 10.78 million bpd, OPEC said in its monthly report.

In the previous report, it was forecast that Russia would produce 10.62 million bpd in 2023. Thus, the estimate was raised by 160,000 bpd. The trend is due to the revision of the forecast of oil production in Russia in Q4 - from 9.66 million bpd in the previous report to 10.29 mln bpd in the new one.

OPEC emphasizes that the forecast takes into account Russia's voluntary commitments to reduce oil supplies to external markets.