OPEC revised Russia’s oil production outlook downward by 110,000 barrels per day (bpd) this year, the Organization said in its Monthly Report.
“Russia’s oil production was more or less stagnant” at 11.22 mln bpd in November and December 2016, the OPEC said. Output in the fourth quarter of 2016 was 0.33 mln bpd higher year-on-year. Russian oil output is estimated to increase by 0.23 mln bpd to average 11.08 mln bpd in 2016, revised up by 30,000 bpd over the last report, the OPEC reported.
“Russia’s oil supply for 2017 has been revised down” by 0.11 mln bpd and output is expected to contract by 30,000 bpd to average 11.05 mln bpd, the OPEC said. The first and the second quarter have been revised down to 10.98 mln bpd and 10.97 mln bpd from 11.14 mln bpd and 11.12 mln bpd, respectively. “It is assumed that output will increase again in 2H17,” the Organization reported.