OPEC raises Russia’s 2015 oil output forecast by 20,000 bpd

MOSCOW, Dec 10 (PRIME) -- OPEC has increased its forecast of Russia’s oil output by 20,000 barrels to about 10.77 million barrels per day in 2015, which means growth of 90,000 barrels daily on the year, according to a December report of the organization seen by PRIME on Thursday.

In 2016, Russia’s oil output is likely to fall by 70,000 barrels to 10.7 million barrels per day, OPEC said.

In October and November, Russia’s output of liquid hydrocarbons amounted to 10.9 and 10.88 million barrels daily, respectively.

The high oil output levels were secured by improved performance of companies, in particularly gas giant Gazprom, oil company Bashneft and PSA operators, according to experts. Oil output of oil majors Lukoil and Rosneft continued falling.

OPEC expects Russia’s oil output in October–December at 10.77 million barrels daily, up 30,000 barrels against earlier expected figures.

The organization increased its forecast of the 2015 global oil demand by 30,000 barrels to 92.88 million barrels daily, up 1.53 million barrels daily on the year, on the back of low oil prices in major oil-consuming regions, in particular in OECD countries in the Americas and the EU. Motor fuel consumption is growing in these countries in line with demand for petrochemical products.

Demand for OPEC countries’ oil will rise by 0.4 million barrels to 29.4 million barrels daily in 2015.

Oil exports of non-OPEC states will rise by 1 million barrels to 57.51 million barrels per day in the period; the growth will be majorly secured by higher output in Canada, Brazil, but oil production in the US, Mexico, Russia, Kazakhstan, the UK and Azerbaijan will be lower on the year.

The global oil output increased 0.37 million barrels on the month to 95.58 million barrels per day in November, according to OPECs preliminary data.

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