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OPEC increases forecast for 2016 oil production in Russia

OPEC May oil market report says OPEC increased its forecast for oil production in Russia in 2016 by 120,000 barrels per day and now expects oil supply in 2016 grow by 100,000 barrels per day

© Egor Aleev/TASS

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OPEC revises its forecast of 2016 world oil demand growth downwards by 50,000 barrels/day

VIENNA, May 13. /TASS/. OPEC increased its forecast for oil production in Russia in 2016 by 120,000 barrels per day and now expects oil supply in 2016 grow by 100,000 barrels per day to 10.94 mln barrels per day, according to OPEC May oil market report published on Friday.

"According to the latest review of the most prolific fields in Russia and supported by the remarkable growth seen in the first three months of the year, averaging 11.1 mln barrels per day in the Q1 of 2016, higher production by 210,000 barrels per day over the Q4 2015 is indicated," the report said.

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