AK&M's 1508th Bulletin on Oil and Gas Production and Refining has been published

AK&M 06 February 2023 15:04

The 1508th issue of the bulletin "Branches of the Russian economy: production, finance, securities. Oil and Gas Production and Oil Refining" of the AK&M News Agency.

In January, the oil market experienced multidirectional price dynamics. Having declined at the beginning of the year to the level of $75 per barrel of Brent crude, prices subsequently rose to values above the $85 mark, near which they remained for the entire last decade of January. The oil market has stabilized in anticipation of the results of the meeting of the OPEC+ committee and the introduction of a ceiling on prices for Russian petroleum products. According to the International Energy Agency, the reduction of fears of a recession in the US economy and the growth of the Chinese economy this year could lead to a significant increase in global oil demand. Market participants also monitor the actions of central banks of the world's leading economies.

In 2022, oil and gas condensate production in Russia amounted to 534 million tons, an increase of 2.1% compared to the level of 2021. In December 2022, 46.2 million tons of oil with gas condensate were produced in Russia, which is 0.1% higher than in December 2021. In 2022, production was increased by almost all major Russian companies. Among the companies that have increased production more than others, the press calls Surgutneftegaz, which has overtaken Gazprom Neft, and LUKOIL. Rosneft, which has fallen under sanctions, has reduced production by 2%. It is expected that in 2023 the volume of oil production in Russia will decrease against the background of sanctions. Moreover, a serious decline is predicted in February.

In 2022, gas production in Russia amounted to 672 billion cubic meters, a decrease of 12% compared to the level of 2021. Of the specified amount of natural gas produced 573 billion. cubic meters, which is 13.4% less than in 2021. By the end of the year, the production of associated petroleum gas decreased by 2% to 99 billion. cubic meters. In December 2022, 51.3 billion tons of combustible natural gas (natural gas) were produced. cubic meters, which is 14.6% less than in December 2021. The production of liquefied natural gas (LNG) in Russia in December 2022 decreased by 4.8% compared to December 2021 and increased by 0.4% compared to November 2022, amounting to 2.8 million tons. The volume of LNG production in Russia in 2022 increased by 8.1% and amounted to 32.5 million tons, which was a record an indicator.

The export of oil from Russia by the end of 2022 increased by 7%. This was stated by Deputy Prime Minister Alexander Novak. According to traders' estimates published in the press, Asian markets demonstrate a steady demand for Russian oil, absorbing a noticeable increase in sea exports of the Urals grade in January 2023.