OPEC Raises Russia’s Oil Production Forecast in 2016

The Organization of the Petroleum Exporting Countries (OPEC) has increased Russia's oil production forecast, expected to grow up to 10.94 million barrels per day (mb/d) in 2016, OPEC said in its Monthly Oil Market Report issued Friday.

MOSCOW (Sputnik) — On April 13, OPEC published a report, which predicted that Russia's oil output in 2016 would amount to 10.83 mb/d.

Russia's oil production is expected to grow by 0.89 percent, or 0,1 mb/d this year compared to the country's daily output in 2015, which stands at 10.85 mb/d, the May report revealed.

"According to the latest review of the most prolific fields in Russia and supported by the remarkable growth seen in the first three months of the year, averaging 11.10 mb/d in 1Q16, higher production by 0.21 mb/d over 4Q15 is indicated," OPEC noted in the report.

The OPEC did not revise its forecast for oil demand in 2016, predicting an increase of 1.2 millions of barrels per day, to reach 94.18 million barrels a day, OPEC's Monthly Oil Market Report, released on Friday, showed.

In 2015, as predicted by OPEC, oil demand grew by 1.54 million barrels per day, amounting to 92.98 million barrels.

The previous forecast by the organization showed the same figures. Oil supplies from non-OPEC countries in 2015 rose by 1.47 million barrels per day, up to 57.14 million barrels.

This was a rise of 0.1 million barrels a day in comparison with the April prediction. According to preliminary data, the total volume of global oil supply in April increased by an average of 0.02 million barrels per day reaching 95.34 million barrels per day.