OPEC projects Russia’s oil output to fall by 40,000 bpd in 2017

MOSCOW, Jul 12 (PRIME) -- OPEC expects Russia’s daily oil production to fall by 40,000 barrels to 10.94 million barrels in 2017, the organization said in a monthly report Tuesday.

“In Russia, despite remarkable growth in oil production seen in 2016 and 2015, and higher spending and more activity in drilling, the approximated annual decline rate of 2.5% will outpace the 0.23 million barrels per day of new production volume coming online in 2017. Therefore, a contraction by 40,000 barrels per day is expected for Russia in the next year,” OPEC said.

For 2016, OPEC improved its forecast for Russia’s daily oil production and now expects it to grow by 140,000 barrels to 10.98 million barrels.

In April–June, Russia’s daily oil output fell by 40,000 barrels on the quarter and rose by 200,000 barrels on the year to 11.03 million barrels, including gas condensate output of 790,000 barrels.

OPEC also projected global demand for oil to grow by 1.2 million barrels per day to 95.33 million barrels per day in 2017. OPEC retained its forecast for global demand for oil in 2016 unchanged and expects the indicator to grow by 1.2 million barrels per day to 94.18 million barrels per day.

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