On Wednesday OPEC published a monthly oil market report, which confirms an earlier evaluation of Russia’s oil supplies in 2016 at 10.74 million barrels per day (mb/d).
On January 18, OPEC issued a report, which predicted that Russia’s oil output in 2016 would amount to 10.74 mb/d.
“On a quarterly basis, total oil supply from Russia in 2016 is seen to average 10.79 mb/d, 10.71 mb/d, 10.69 mb/d and 10.77 mb/d, respectively,” the report reads.
According to the report, Russian oil production is expected to decline by 60,000 barrels per day this year compared to the country’s daily output in 2015.
In December 2015, Russia produced a record average 10.91 mb/d.