Page 192 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2023

COMMODITIES

WET BULK This figure, which excludes natural gas conden-
sates, is in line with Russia’s pledge to cut produc-
CARGOES tion by 500,000 bpd to 9.5 Mbpd between March
and the end of the year, according to Reuters’
source.
CRUDE OIL “If you make the calculations for the whole year,
production will be 480 million tonnes,” the source
OPEC’s demand projection told Reuters on condition of anonymity due to the
OPEC has kept its forecast of global oil demand sensitive nature of the data.
growth unchanged for 2023. According to its
latest report, oil demand will increase by 2.32 mil- OPEC’s share in India’s imports declines
lion bpd in 2023 to reach 101.9 million barrels per OPEC’s share in India’s total oil imports in the
day (Mbpd). OPEC also sees a 0.1 Mbpd increase 2022-2023 fiscal year (1 April 2022 – 31 March
in OECD countries’ demand and an increase of 2.2 2023) recorded a significant drop as India
Mbpd for non-OECD countries. switched to cheaper Russian oil. As a result,
At the same time, the OPEC report focuses on the OPEC’s share of India’s oil imports reached a
improvements recorded in the tanker market, par- 22-year low.
ticularly in larger-size vessels such as VLCCs and In the fiscal year 2021-2022, 72% of India’s oil
Suezmaxes. According to OPEC, activity in the imports came from OPEC member countries. In
Mediterranean significantly supports the market 2022-2023, the corresponding figure stood at
west of Suez. 59%. India’s top oil supplier was Russia, followed
OPEC estimates that global demand for by Iraq and Saudi Arabia. In total, India imported
OPEC-produced crude oil for 2023 will amount about 4.65 million barrels of oil per day, 23% of
to 29.3 Mbpd, up 0.8 Mbpd compared to 2022. which 1.6 Mbpd came from Russia.

Russia sets target to produce 9.6 million bar- The developments in the Russian oil cap
rels of oil per day in 2023 The results of imposing a cap on the price of Rus-
Russia’s oil production this year is expected to sian oil have been positive, but the volatility of the
reach 480 million tonnes or about 9.6 Mbpd, as prices in the international markets could cause
a government source familiar with the data told oil trade headaches. Initially, the price cap was
Reuters. deemed effective as Russian crude continues to

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