MOSCOW (Pakistan Point News / Sputnik - 14th September, 2022) The production of crude oil and condensates in Russia decreased by 170,000 barrels per day in August and reached 10.96 million barrels per day, the International Energy Agency (IEA) said in a fresh report on Wednesday.
"Supply from Russia fell in August - the first monthly decline since April. Total crude oil, condensates and NGLs decreased by 170 kb/d to 10.96 mb/d, down 450 kb/d from pre-invasion levels," the report read.
The agency expects Russian oil production "to ease gradually from September through November ... and assume that the decline will be steeper in December when the EU embargo on Russian crude oil takes effect."
"That would result in annual average output in 2022 of 10.9 mb/d, steady versus 2021," the report added.
