OPEC has increased its forecast for Russia’s oil output in 2016 by 50,000 barrels per day (bpd) to 11.04 million barrels a day, up by 190,000 barrels YoY.
The forecast for the country’s daily oil production in 2017 also amounts to 11.04 million barrels.
But the U.S. daily oil output is expected to fall by 420,000 barrels to 13.62 million barrels in 2016, and to further contract to 13.46 million barrels in 2017, OPEC said. (Prime/Business World Magazine)