OPEC has lowered the forecast for 2017 for oil production in Russia

© RIA Novosti / Sergey Neodynamic oil. Archival photoOPEC has lowered the forecast for 2017 for oil production in Russia© RIA Novosti / Sergey Negatin

OPEC has lowered the forecast for oil and condensate in Russia in 2017 by 0.12 million barrels per day compared to the may forecast, to 11.04 million barrels a day, according to the June report of the organization.

In may, OPEC predicted oil and condensate production in Russia in 2017 at the level of 11.16 million barrels per day.

Compared to 2016 year the figure will drop to 0.04 million barrels per day.

«Based on the oil supplies of the Russian Federation in 2017 was lowered by 0.12 million barrels per day in connection with the valuations of oil production in the second half of this year due to the extension of the agreement on the reduction of oil production of OPEC countries and other States for nine months,» the report said.

OPEC and a number of not members of the organization countries agreed in late 2016 on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.

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OPEC has lowered the forecast for 2017 for oil production in Russia© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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