The Russian Federation increased oil exports in January 2023 after a slight decline in December 2022. This is reported by TASS, referring to information from the report of the Energy Information Administration (EIA) of the United States Department of Energy.
It is noted that Russia increased oil exports in January 2023, despite the work of the EU embargo on Russian supplies. According to the information received, it is known that the department does not provide data on the physical volumes of Russian oil exports. According to them, the January figures exceed even the November volumes of deliveries.
According to the US Department of Energy, oil production in the Russian Federation in 2023 and 2024 will increase by 0.4 million barrels per day. This is compared to the previous estimate, but they still expect a decline from 10.9 million bpd in 2022 to 9.9 million bpd and 9.8 million bpd in 2024.
In addition to this, the department claims that the Russian Federation will be able to redirect some volumes of oil products to other suppliers. At the same time, they believe that not all oil products will find another market.
“But we do not expect all Russian oil products to find new markets, as the availability of tankers is limited. This will lead to a reduction in processing at refineries in Russia and a decrease in oil production”, the agency notes.
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