The Organization of the Petroleum Exporting Countries (OPEC) has once again revised its forecast for the production of liquid hydrocarbons (oil, gas condensate and other gas condensate liquids) in Russia for the current 2022.
According to the organization’s forecasts for August, OPEC no longer expects a decrease in the production of these materials in Russia, but, on the contrary, expects an increase by 80,000 barrels per day, to 10.9 million barrels per day.
The report of the organization stated: “Production of liquid hydrocarbons in Russia in 2022 should increase by 80,000 barrels per day, an average of 10.9 million barrels per day. The forecast has been revised upwards by 0.25 million barrels per day from last month. estimates due to the increase in production over the past two months.
As for the upcoming 2023, the report of the organization indicates that the production of liquid hydrocarbons in Russia is expected to decrease by 0.4 million barrels per day and will average 10.5 million barrels per day.
The report also notes that production forecasts in Russia are “characterized by a high degree of uncertainty.”
Source: RIA Novosti