Also the International Energy Agency (IEA) has once again upgraded its forecast for oil and condensate production in Russia for 2023 and now it expects a decrease in oil production by 350,000 barrels per day instead of the previously expected 530,000 barrels per day to 10.7 million barrels per day, its fresh report said on Tuesday.
The agency cited the resilience of Russian oil supply amidst economic turmoil. The report mentioned that crude exports are "re-routed to new markets as deep price discounts attract traders as well as refiners willing to risk handling the barrels. This supports our 180 kb/d upward revision of Russian output for this year. We now expect average oil production of 10.7 mb/d in 2023, down 350 kb/d y-o-y."
The International Energy Agency (IEA) has upgraded its forecast for the global oil demand to 102 million barrels per day in 2023, according to its fresh report published on Tuesday.
"World oil demand is forecast to rise by 2.2 mb/d year-on-year in 2023 to an average 102 mb/d, 200 kb/d above last month’s Report," the report read.
Finally, the report mention the fact that OPEC+ countries that have obligations under the agreement on limiting oil production decreased output by 400,000 barrels per day in April, increasing their effective spare capacity to 4.1 million barrels per day.
"Production from the 19 members subject to quotas tumbled by 400 kb/d to 37.6 mb/d in April. That left the bloc’s effective spare capacity, excluding volumes of crude oil shut in by sanctions in Iran and Russia, at 4.1 mb/d with Saudi Arabia and the UAE holding roughly 60% of it," the report read.
At the same time, crude oil production in all 23 OPEC+ countries dropped by 290,000 barrels per day to 43.94 million in April, according to the IEA.