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OPEC predicts a decline in oil production in Russia in 2022 by 1.6%

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Growth in oil and condensate production in Russia in 2022 will be 10.63 million barrels per day, down 1.6% compared to 2021. This is evidenced by data from the June report of OPEC. According to the organization, in May Russia increased oil and condensate production by 152,000 bpd compared to April, to 9.3 million bpd, and reduced gas condensate production by 38,000 bpd.

OPEC lowered the forecast for oil production in Russia in 2022 by 0.25 million b/d compared to the May estimate: then the organization worsened it by 0.36 million b/d, to 0.1 million b/d, but still expected an increase in the production of liquid hydrocarbons in the country by 0.7% (or 0.1 million bpd), to 10.88 million bpd. According to OPEC, in 2021, oil production in Russia amounted to 10.8 million bpd.

The organization lowered its forecast for the growth of oil supplies from non-OPEC countries in 2022 by 0.25 million b/d to 2.1 million b/d. The forecast for the growth of oil supplies from the United States remained at the level of 1.3 million bpd. The main drivers of growth in supplies from non-OPEC countries this year should be the United States, Brazil, Canada, Kazakhstan, Guyana and China. In Russia, Indonesia and Thailand, the organization predicts a decline.

In May 2022, the countries of the organization reduced oil production by 239 thousand barrels per day (b / d), to 28.465 million b / d, – almost 80% of the reduction in production fell on Libya (-189 thousand b / d).

All ten OPEC countries, except Iran, Libya and Venezuela, participating in the OPEC+ agreement, increased oil production in May by 27 thousand b/d, up to 24.491 million b/d. At the same time, the countries of the Vienna Agreement, according to the agreements, in May could increase production by 432,000 bpd, of which ten OPEC countries account for about 273,000 bpd. Thus, the OPEC countries fulfilled the terms of the OPEC+ deal in May by 303% of the plan against 162% a month earlier (then the OPEC countries increased production by 224 thousand b/d, up to 24.464 million b/d).

According to the report, in May oil production in Saudi Arabia amounted to 10.417 million b/d (an increase of 50 thousand b/d compared to May) instead of 10.549 million b/d, which was possible according to the schedule. The UAE increased production by 27 thousand b/d to 3.042 million b/d, slightly above the allowed level (2.040 million b/d). At the same time, Iraq in May reduced production by 46,000 b/d to 4.374 million b/d, having failed to fulfill the terms of the OPEC+ deal (the permitted production level is 4.461 million b/d).

About the increase in oil production, which the organization planned, – in the material “Kommersant FM” “OPEC + changes plans.”


More news in Telegram channel “Kommersant”.

Daria Erozbek

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