OPEC reaffirms forecast drop in oil production in Russia by 30,000 barrels per day

REUTERS

In April, liquid hydrocarbon production quotas were reduced by 40,000 barrels per day, to 10.67 million barrels per day. Production volumes in May, according to the OPEC’s data, amounted to 10.71 million barrels per day, 170,000 barrels a day higher in annual terms - the biggest increase since January 2014.

According to OPEC analysts, with the launch of production at the Termokarstovoye gas field in northern Siberia in May, gas condensate output in Russia in June may grow by 20,000 barrels per day.

"Since gas condensate fields are not covered by Western restrictions, Russian companies are focusing on the development of such deposits," the OPEC report reads.