OPEC sees Russian oil output falling to 11.05 mln bpd in 2017

MOSCOW, Jan 18 (PRIME) -- Russia’s daily oil output is projected to fall by 30,000 barrels on the year to 11.05 million barrels in 2017, OPEC said in a report on Wednesday.

Previously, the forecast of OPEC for Russia’s daily oil output in 2017 amounted to 11.13 million barrels. According to an OPEC’s estimate, Russia’s daily oil output amounted to 11.08 million barrels in 2016.

Russia’s daily oil output is now expected to fall by 160,000 barrels to 10.98 million barrels in January–March and by 150,000 barrels to 10.97 million barrels in April–June, OPEC said. In July–December, OPEC expects Russia’s daily oil output to grow.

OPEC and 11 non-OPEC countries, including Russia, agreed on December 11, 2016 to cut combined oil production by 1.8 million barrels a day in January–July 2017 in order to balance supply and demand. OPEC will reduce output by 1.2 million barrels daily, while Russia is to decrease production by 300,000 barrels.

End