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OPEC revises upwards forecast for Russia’s crude output in 2017

The country’s 2017 liquids production is expected to average 11.11 million barrels daily.

SAINT PETERSBURG, RUSSIA - MARCH 03: Russian President Vladimir Putin (C) and Defence Minister Sergei Shoigu (L) watch a military exericises at Kamenka polygon on March 3, 2014 near Saint Petersburg, Russia. Ukrainian forces in Crimea have reportedly been issued with a deadline for surrender by the Russian military as it continues to mass equipment and personnel along the border. (Photo by Sasha Mordovets/Getty Images)

MOSCOW (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) has revised upwards its expectations for Russia’s crude and condensate output this year by 0.04 million barrels daily (mb/d) to amount 11.11 mb/d, the organization said Thursday in its monthly report.

“Russian crude and condensate output in July was reported at the same level of June’s production at 10.95 mb/d, according to preliminary energy ministry data released in the first week of August… It is expected that the country’s 2017 liquids production (including NGLs [natural gas liquids]) will average 11.11 mb/d, indicating a growth of 30 tb/d [thousand barrels daily], y-o-y [year-over-year],”

the organization’s August report reads.

Meanwhile, OPEC’s forecast for Russia’s crude production in 2018 remains unchanged, standing at 11.24 million barrels daily.

“For 2018, according to the extension of the Declaration of Cooperation with OPEC for production adjustment agreement, Russian production is expected to maintain its production adjustment up to until 1Q18, thus increasing its oil supply by 0.13 mb/d to average 11.24 mb/d for the year,”

OPEC said.

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Guy
Guy
August 10, 2017

So president Valdimir Putin fills up his own vehicle at the self serve pump .Wonder if Trump does the same .LOL

Western leaders have history of pandering to Washington’s whims

South Korea calls for dialogue not war