OPEC raises Russia’s 2017 oil output estimate to 11.16 mln bpd

MOSCOW, May 11 (PRIME) -- OPEC has raised its estimate for Russia’s 2017 oil output by 20,000 barrels daily to 11.16 million barrels, the organization said in a report on Thursday.

In April, oil and gas condensate production fell by 100,000 barrels a day to 11.18 million barrels as compared with an average output in January–March. Crude production amounted to 10.39 million barrels a day in April, 100,000 barrels lower than the January–March average.

OPEC said that small producers contributed most of the output decrease. Larger companies, such as Rosneft, Lukoil and Bashneft produced less than in October 2016, while production on Gazprom Neft’s Novy Port and the Prirazlomnoye fields grew.

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