OPEC has raised the forecast for Russia’s 2016 daily oil output by 20,000 barrels and now expects the daily output to grow by 140,000 barrels to 10.99 million barrels, OPEC said in its monthly oil market report.
OPEC also kept its forecast for Russia’s daily oil output in 2017 unchanged at 10.94 barrels.
In August, Russia’s daily oil output fell by 140,000 barrels to the 13-month low of 10.88 million barrels due to maintenance works at the Sakhalin-1 field, OPEC said.
The organization also improved its forecast for the world’s daily demand for oil in 2017 by 10,000 barrels to a record of 95.42 million barrels. The outlook for 2016 was raised by 10,000 barrels per day to 94.27 million barrels per day thanks to strong January-June macroeconomic data of the OECD countries and countries of the Asia-Pacific region, OPEC said.
OPEC decreased its daily oil output by 23,000 barrels to 33.24 million barrels in August, while the preliminary data showed contraction of the world’s combined oil production by 140,000 barrels per day to 95.65 million barrels per day in the month. In July, the OPEC’s share in the world oil production amounted to 34.7%, flat on the month.
The organization also expects daily demand for its oil to grow by 1.7 million barrels YoY to 31.7 million barrels in 2016 and by 800,000 barrels to 32.5 million barrels in 2017. (Prime/Business World Magazine)