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OPEC lowers Russia’s 2015 GDP decline forecast

March 16, 2015, 16:43 UTC+3
Russia is now expected to see a contraction of 3.2% in 2015, compared to a decline of 2.4% in the previous report
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© EPA/HELMUT FOHRINGER

VIENNA, March 16. /TASS/. Russia’s GDP decline will total 3.2% in 2015, OPEC said in the March report.

"Russia is now expected to see a contraction of 3.2% in 2015, compared to a contraction of 2.4% in the previous report," OPEC reported.

Lower export revenues will exert a direct negative effect on the Russia’s GDP dynamics in 2015, according to OPEC experts.

Furthermore, OPEC forecasts a gradual decline in Russian oil supplies to 10.51 mln bbl a day in 2015 as compared to 10.58 mln bbl/day in 2014, "given the impact of sanctions, low prices and a lack of large projects expected to come online.".

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