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

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.