“For 2023, Russian liquids production is forecast to drop by 0.6 mb/d to an average of 10.5 mb/d, revised up by around 70 tb/d from the previous month’s assessment,” the report read.
According to the report, the July production fell by around 30,000 barrels per day when compared to the June level.
“Russia's liquids production in July fell by around 30 tb/d m-o-m to average 10.8 mb/d. This includes 9.5 mb/d of crude oil and 1.2 mb/d of NGLs [Natural Gas Liquids] and condensate,” the report said.
OPEC continues to expect the global oil demand to grow by 2.4 million barrels per day to 102 million barrels per day this year, according to the report.
“For 2023, world oil demand growth remains at 2.4 mb/d, broadly unchanged from last month’s assessment, to average 102.1 mb/d,” the report said.
OPEC has slightly upgraded its forecast for oil production for 2023 outside the organization and expects an increase by 1.6 million barrels per day to 67.4 million barrels per day, according to its fresh monthly report.
"The non-OPEC liquids production in 2023 is expected to grow by 1.6 mb/d y-o-y, reaching 67.4 mb/d," the report read.
In the August report, OPEC expected oil production for 2023 outside the organization to increase by 1.5 million barrels per day to 67.3 million barrels per day.
The commercial oil stocks in the Organization for Economic Co-operation and Development (OECD) decreased by 7.9 million barrels in July and were below the five-year average by 138 million barrels, the report said.
"Preliminary July 2023 data sees total OECD commercial oil stocks down by 7.9 mb m-o-m. At 2,779 mb, they were 57 mb higher than the same time one year ago but 138 mb lower than the latest five-year average and 190 mb below the 2015–2019 average. Within the components, crude stocks fell by 14.2 mb m-o-m, while products stocks rose by 6.3 mb," the report read.
OPEC’s oil production increased by 113,000 barrels per day in August when compared to the July data and amounted 27.45 million barrels per day, according to the organization’s report published on Tuesday.
“According to secondary sources, total OPEC-13 crude oil production averaged 27.45 mb/d in August 2023, higher by 113 tb/d m-o-m. Crude oil output increased mainly in IR Iran, Nigeria and Iraq, while production in Saudi Arabia, Angola and Venezuela decreased,” the report read.
According to the report, OPEC+ implemented oit output cut deal by 324% in August, reducing production by 2.85 million barrels per day above quotas.
OPEC expects the liquid's production in the United States to expand by 1.2 million barrels per day year-on-year in 2023 to average 20.5 million barrels per day, according to the report.
“US liquids production in 2023, excluding processing gains, is forecast to expand y-o-y by 1.2 mb/d to average 20.5 mb/d ... Given a sound level of oil field drilling and well completions, crude oil and condensate output is anticipated to increase y-o-y by 0.8 mb/d to average 12.7 mb/d,” OPEC’s report read.