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Russian Crude, Condensate Output To Average 10.7mbpd in 2024

REFINING

Russian crude and condensate production is estimated to average 10.7mbpd this year, Viktor Katona, head of oil analysis at Kpler, said, cited by Bloomberg.

  • Most of Russia’s OPEC+ production cuts will be weighted to 2Q, when refiners will need to repair damages following Ukrainian drone attacks in recent month, Katona said.
  • Russian crude oil output is expected at 9.5mbpd in June, the lowest since May 2022 according to Kpler.
  • Recent Ukrainian attacks on Russian oil refineries will cap the upside to throughput from Russian oil refinery runs at 5.2mbpd until the end of June, before recovering to 5.7mbpd in summer, Katona said.
  • Russian diesel output is expected to remain below 2mbpd until June.
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