OPEC raises forecast for Russia’s 2016 oil output by 10,000 bpd
MOSCOW, Jan 18 (PRIME) -- OPEC has increased its forecast for oil production in Russia by 10,000 barrels per day to 10.74 million barrels per day in 2016, the organization said in a report on Monday.
In 2015, Russia’s daily oil production stood at 10.79 million barrels, OPEC said.
“Although in the short-term Russian companies look comfortably set to make new discoveries and boost reserves, the country’s ability to replenish its stocks in the longer term will depend on a number of factors, including the development in oil prices, tax changes, and the viability of offshore and shale oil exploration and development,” the organization said.
Crude production on the country’s shelf is expected to reach 378,000 barrels per day this year, a 16% on increase from 2014, OPEC said.
The world oil demand grew 1.54 million barrels per day to 92.92 million barrels per day in 2015. OPEC also improved its forecast for the world oil demand in 2016 by 1.26 million barrels per day to 94.17 million barrels per day.
For further details, please, see the report on the organization’s official Web site:
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