Russian Ministry of Energy has raised its forecasts for oil production this year by 0.6% y-o-y to a new 30-year high at 11.07m barrels per day, up 40,000 barrels per day from last year’s annual average. Oil production next year is expected to increase further by another 80,000 barrels per day as the OPEC and non-OPEC syndicate has agreed to gradually raise production.
Russia produced 346.9m barrels in July, up 4.7% m-o-m and up 2.6% y-o-y. This takes the oil output to 2,327m barrels over the Jan-July period, up marginally from the same period last year.
Source: Ministry of Energy