IEA projects Russia’s oil output to fall by 55,000 bpd in 2017

MOSCOW, Jun 14 (PRIME) -- Russia’s oil output may fall by about 55,000 barrels per day to 10.76 million barrels per day in 2017, the International Energy Agency (IEA) said Tuesday in a monthly report.

In 2016, Russia’s oil output may rise by 100,000 barrels per day on the year to about 10.82 million barrels per day, the agency said.

Demand for oil products in Russia may grow 1.6% on the year to 3.7 million barrels per day in 2016 and grow less than 1% in 2017, the agency said.

The IEA said oil production of oil companies Bashneft, Tatneft, Gazprom Neft, and of independent gas producer Novatek grew in May. Oil production of oil majors Rosneft and Lukoil fell 1% and 5%, respectively, in January–May; their combined output decreased by 100,000 barrels per day on the year in the period, the agency said.

End