https://sputnikglobe.com/20230713/iea-russian-oil-production-remains-steady-despite-western-sanctions-1111847704.html
IEA: Russian Oil Production Remains Steady Despite Western Sanctions
IEA: Russian Oil Production Remains Steady Despite Western Sanctions
Sputnik International
Russia oil production is expected to remain steady despite Western sanctions and declining global demand, according to an International Energy Agency report published on Thursday.
2023-07-13T08:28+0000
2023-07-13T08:28+0000
2024-04-17T13:44+0000
economy
russian economy under sanctions
international energy agency (iea)
organisation for economic cooperation and development (oecd)
oil
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The International Energy Agency (IEA) suggests that the oil production in Russia in June remained at the same level — 9.45 million barrels per day — "as a decline in exports was offset by higher domestic refinery runs."Global Oil Demand Forecast DowngradedThe International Energy Agency (IEA) has downgraded its forecast for the global oil demand to 102.1 million barrels per day in 2023."Global oil demand is projected to climb by 2.2 mb/d in 2023 to reach 102.1 mb/d, a new record," the report read, adding that this is 170,000 barrels per day less than expected in the June report.Global Oil Production Forecast UpgradedThe International Energy Agency (IEA) has upgraded its forecast for the global oil production growth in 2023, expecting an increase by 1.6 million barrels per day to 101.5 million barrels per day."For 2023, global production is forecast to increase by 1.6 mb/d to 101.5 mb/d, as non-OPEC+ expands by 1.9 mb/d. In 2024, global supply is set to rise by 1.2 mb/d to a new record of 102.8 mb/d, with non-OPEC+ accounting for all of the increase," the report read.Increase in Total and Petroleum Products ReservesThe total oil and and petroleum products reserves in the Organization for Economic Co-operation and Development (OECD) countries, which include commercial and state reserves, have increased by 5.4 million barrels in May, but are below the five-year average, the International Energy Agency (IEA) said."In May, OECD industry stocks rose by 5.4 mb to 2 824 mb, 92.2 mb below the five-year average. In terms of forward demand, end-month inventories covered 60.4 days, 0.7 days less than the previous month but 2.9 days more than a year ago," the report read.OPEC+ Increased Production by 70,000 BPD in JuneOPEC+ countries that have obligations under the agreement on limiting oil production decreased output by 70,000 barrels per day in June to 37.03 million barrels per day, with the gap from the quotas being nearly 2.55 million barrels per day, the International Energy Agency (IEA) said in a report on Thursday."Supply from OPEC countries in June was unchanged from the previous month at 28.7 mb/d, while volumes from non-OPEC nations in the OPEC+ group crept up 30 kb/d to 14.92 mb/d. Overall production from the 19 members subject to quotas edged up 70 kb/d higher to 37.03 mb/d," the report read.
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IEA: Russian Oil Production Remains Steady Despite Western Sanctions
08:28 GMT 13.07.2023 (Updated: 13:44 GMT 17.04.2024) Russia oil production is expected to remain steady despite Western sanctions and declining global demand, according to an International Energy Agency report published on Thursday.
The International Energy Agency (IEA) suggests that the
oil production in Russia in June remained at the same level — 9.45 million barrels per day — "as a decline in exports was offset by higher domestic refinery runs."
Global Oil Demand Forecast Downgraded
The International Energy Agency (IEA) has downgraded its forecast for the global oil demand to 102.1 million barrels per day in 2023.
"Global oil demand is projected to climb by 2.2 mb/d in 2023 to reach 102.1 mb/d, a new record," the report read, adding that this is 170,000 barrels per day less than expected in the June report.
Global Oil Production Forecast Upgraded
The International Energy Agency (IEA) has upgraded its forecast
for the global oil production growth in 2023, expecting an increase by 1.6 million barrels per day to 101.5 million barrels per day.
"For 2023, global production is forecast to increase by 1.6 mb/d to 101.5 mb/d, as non-OPEC+ expands by 1.9 mb/d. In 2024, global supply is set to rise by 1.2 mb/d to a new record of 102.8 mb/d, with non-OPEC+ accounting for all of the increase," the report read.
Increase in Total and Petroleum Products Reserves
The total oil and and petroleum products reserves in the Organization for Economic Co-operation and Development (OECD) countries, which include commercial and state reserves, have increased by 5.4 million barrels in May, but are below the five-year average, the International Energy Agency (IEA) said.
"In May, OECD industry stocks rose by 5.4 mb to 2 824 mb, 92.2 mb below the five-year average. In terms of forward demand, end-month inventories covered 60.4 days, 0.7 days less than the previous month but 2.9 days more than a year ago," the report read.
OPEC+ Increased Production by 70,000 BPD in June
OPEC+ countries that have obligations under the agreement on limiting oil production decreased output by 70,000 barrels per day in June to 37.03 million barrels per day, with the gap from the quotas being nearly 2.55 million barrels per day, the International Energy Agency (IEA) said in a report on Thursday.
"
Supply from OPEC countries in June was unchanged from the previous month at 28.7 mb/d, while volumes from non-OPEC nations in the OPEC+ group crept up 30 kb/d to 14.92 mb/d. Overall production from the 19 members subject to quotas edged up 70 kb/d higher to 37.03 mb/d," the report read.
