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Goldman Sachs raises forecast for Russia’s 2017 oil output

November 01, 2016, 18:04 UTC+3 MOSCOW
According to the experts of Goldman Sachs, Russia is building up production faster than they expected
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© Yegor Aleyev/TASS

MOSCOW, November 1. /TASS/. Goldman Sachs has raised its forecast for Russia’s oil production in 2017 from 11.4 mln barrels to 11.7 mln barrels a day, according to the bank’s report. The copy of the report has been obtained by TASS.

According to the experts of Goldman Sachs, Russia is building up production faster than they expected.

The consolidated output by Russia and OPEC countries may reach 45 mln barrels a day in 2017, if the countries of cartel and Russia agree with Saudi Arabia’s proposal to cut production by 4%, analysts said.

But they added that after the technical meeting of OPEC in Vienna last week the chances for reaching such an agreement are small.

If the agreement cannot be reached at a formal meeting of the cartel on November 30, the price of Brent crude oil may fall to $40 per barrel, they conclude.

At their technical meeting on October 28-29 OPEC members failed to work out a road map for limitation of oil production. Consultations will be continued in November.

At the same time non-OPEC members that were present at the meeting, in particular, Brazil and Kazakhstan, said there had no plans to reduce oil production in 2017.

Earlier Russian Energy Minister Alexander Novak said that Russia had not decided on whether it would to reduce production or not.

In September, Russia set a post-Soviet record for average daily oil production exceeding the mark of 11 mln barrels.

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