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OPEC raises forecast for Russia’s oil production in 2016

November 11, 2016, 18:09 UTC+3 MOSCOW

According to OPEC, oil production in Russia in October increased by 90,000 barrels per day to 10.59 mln barrels

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MOSCOW, November 11. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for oil production in Russia in 2016 by 12,000 barrels per day to 11.05 mln barrels, according to the November report the of organization.

Production growth is expected to reach 200,000 barrels per day against 2015.

According to OPEC, oil production in Russia in October increased by 90,000 barrels per day to 10.59 mln barrels. The oil exports in October remained unchanged against September.

In 2017, oil production in Russia, according to the OPEC forecasts, will amount to 11.06 mln barrels per day (an increase of 0.09% year-on-year).

OPEC has downgraded its outlook for global oil demand growth in 2016 by 10,000 barrels per day. According to the renewed forecast the demand for oil will grow by 1.23 mln barrels a day in comparison with 2015.

OPEC has kept its outlook for volume of global demand in 2016 at 94.4 mln barrels.The organization has maintained its outlook for growth of oil demand in 2017 at 1.15 mln barrels a day. The outlook for volume of demand in 2017 has been lowered by 10,000 barrels a day to 95.55 mln barrels.

At the same time OPEC raised its forecast for growth of demand for oil produced by OPEC in 2016 by 10,000 barrels a day in comparison with the estimate in the October report. The organization expects that in 2016 the demand for oil produced by its member states to grow by 1.9 mln barrels in comparison with 2015 and to reach 31.9 mln barrels.

The outlook for demand for oil produced by OPEC countries in 2017 has been raised by 10,000 barrels per day to 32.7 mln barrels per day, which is by 800,000 barrels higher than in 2016.

The outlook for oil production by the countries outside OPEC in 2016 has been lowered by 100,000 barrels per day as compared to the October estimate. The experts of the organization expect this indicator in 2016 to decline by 0.78 mln barrels to 56.2 mln barrels.

The outlook for growth in oil production by the countries outside OPEC in 2017 has been also downgraded in the November report by 10,000 barrels per day as compared with the October outlook. Now the organization expects this indicator to grow by 230,000 barrels in 2017 as compared with 2016 to 56.43 mln barrels per day.

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