Russia's Daily Oil Output in 2016 Forecast at 10.81Mln Barrels – OPEC

The Organization of the Petroleum Exporting Countries (OPEC) published on Monday a monthly oil market report, which increases an earlier forecast of Russia's oil output in 2016 by 70,000 barrels per day, to 10.81 million barrels.

MOSCOW (Sputnik) – According to OPEC's February report, Russia's oil output forecast in 2016 amounted to 10.74 million barrels per day.

On a quarterly basis, total oil supply from Russia in 2016 is seen to average 10.99 million barrels per day, 10.79 million barrels per day, 10.71 million barrels per day and 10.76 million barrels, respectively.

According to the report, Russian oil production is expected to decline by 20,000 barrels per day this year compared to the country's daily output in 2015.