The Organization of the Petroleum Exporting Countries (OPEC) has improved its forecast for Russia's oil and gas condensate production this year and expects it to increase by 20,000 barrels per day, to an average of 10.61 million barrels
MOSCOW (Pakistan Point News / Sputnik - 11th May, 2021) The Organization of the Petroleum Exporting Countries (OPEC) has improved its forecast for Russia's oil and gas condensate production this year and expects it to increase by 20,000 barrels per day, to an average of 10.61 million barrels.
"Russia's liquids production in April increased m-o-m to average 10.76 mb/d, as per preliminary data, and was also higher by 0.06 mb/d y-o-y. With this, Russia's liquids production in 2Q21 was revised up by 72 tb/d to average 10.66 mb/d, and is expected to remain at this level for 2H21," OPEC said in its monthly report.
According to the report, released on Tuesday, Russia's annual liquids production in 2020 is estimated to have declined by 1.02 million barrels per day year on year, to average 10.59 million barrels per day.
"For 2021, Russian total liquids production is forecast to grow by 0.02 mb/d y-o-y to average 10.61 mb/d," OPEC said.
In its previous report, OPEC said that Russia's total liquids production was expected to average 10.60 million barrels per day this year.
