OPEC Increases Russian Oil Supply Forecast for 2015

OPEC Increases Russian Oil Supply Forecast for 2015 © Sputnik/ Iliya Pitalev

17:00 10.12.2015(updated 18:14 10.12.2015) Get short URL
http://sputniknews.com/russia/20151210/1031535890/opec-oil-increase-oil.html

Russian oil supply in 2015 is expected to grow by 90 thousand barrels a day (tb/d) to average 10.77 million barrels daily (mb/d), according to The Organization of the Petroleum Exporting Countries (OPEC)’s report.

MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) improved its 2015 forecast for Russian oil extraction by 20,000 barrels a day (tb/d) to an average production level of 10.77 million barrels daily (mb/d), the organization said in a report issued on Thursday.

“Russian oil supply in 2015 is expected to grow by 90 tb/d to average 10.77 mb/d,” the report reads.
OPEC added that the increase is being led by Russia’s Gazprom and Bashneft and production sharing contract operators, “as their output is biased towards condensate.”

At the same time, LUKoil’s and Rosneft’s output continues to fall, with LUKoil’s output down year-on-year by 2.9 percent and Rosneft’s by 0.9 percent.

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