OPEC raises Russia’s 2015 avg oil output outlook by 30,000 bbl/day

MOSCOW, Apr 16 (PRIME) -- OPEC has increased its forecast for Russia’s average daily oil output by 30,000 barrels to about 10.54 million barrels due to better-than-expected January–March results, OPEC said in an April report published Thursday.

“Oil production in Russia is forecast to decline in 2015 by 30,000 barrels per day to average 10.54 million barrels per day, an upward revision by 30,000 barrels per day due to higher-than- expected oil production in the first quarter,” OPEC said.

“Despite lower oil prices and limited access to financing because of sanctions, Russian companies continue to grow crude oil production, which reached another post-Soviet record of 10.71 million barrels per day in March, a hike of 1.34% on the year… Nevertheless, the production outlook for the coming months is uncertain.”

However, there is still a problem of declining production at mature fields in West Siberia.

Russia’s Energy Ministry expects average daily oil output in 2015 to amount to 10.56 million barrels. In 2014, Russia’s average daily oil output amounted to 10.58 million barrels, the highest figure since the collapse of the USSR.

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