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OPEC raises its 2016 oil production forecast for Russia by to 10.74 mln barrels/day

January 18, 15:27 UTC+3 VIENNA
According to the report, in December 2015, Russian output rose month-on-month to a record high due to start of Novatek’s first big crude field
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© Vladimir Smirnov/TASS

VIENNA, January 18. /TASS/. The Organization of Petroleum-Exporting Countries (OPEC) expects Russia’s oil supply to decline by 50,000 barrels/day to average 10.74 mln barrels/day in 2016 year-on-year, revising its forecast by 10,000 barrels /day from the previous the Monthly Oil Market Report. That is according to the OPEC Monthly report released on Monday.

According to the report, in December 2015, Russian output rose month-on-month to a record high due to start of Novatek’s first big crude field, the 70 tb/d Yarudeiskoye field, which supported the rise.

Nevertheless in 2016 OPEC experts expect a slowdown in Russia’s oil output due to sanctions, low oil prices and due to the fact that no new projects are to be launched.

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