IEA says Russian oil output up 65,000 bpd in September, still down on the year
USO•Russian crude production rose 65,000 barrels per day in September to 8.43 million bpd, but remained about 870,000 bpd below its year-ago level. Russian crude exports rose 60,000 bpd to 5.3 million bpd, while refinery runs were flat for a second month.
1. Russian output and exports
Russia's crude oil production increased by 65,000 barrels per day in September to 8.43 million bpd, the International Energy Agency said, but was still about 870,000 bpd below the year-ago level. Crude exports rose 60,000 bpd from August to 5.3 million bpd, while estimated refinery runs remained flat for a second consecutive month as Ukrainian strikes disrupted refining operations.
2. Diesel and regional supply
The IEA said easing Russian diesel export restrictions was unlikely to materially change the global gasoil market balance because of a lack of operational Russian refinery capacity. Kazakhstan crude output held broadly steady at 1.9 million bpd, while crude and condensate exports fell 40,000 bpd to 1.8 million bpd.
3. Different production estimates
OPEC estimated that Russian oil production fell 38,000 bpd in September from August to 8.643 million bpd. Both agencies' figures are estimates because Russia stopped publishing oil output data in April 2023.
