OPEC lowers forecast for Russia’s oil production in 2018
The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for oil production in Russia in 2018 by 70,000 barrels per day to 11.18 mln barrels per day, according to OPEC report.
Thus, the organization expects that oil production in Russia in 2018 will be 60,000 barrels per day above the level of 2017. At the same time, in 2017 OPEC retained the forecast for oil production in the Russian Federation at the level of 11.12 mln barrels per day.
According to data provided by the Russian Energy Ministry to OPEC, Russia reduced average daily production in August by 40,000 barrels per day in comparison with July – to 11.22 mln barrels.