REUTERS
OPEC has confirmed its forecast for oil production in Russia in 2015, which is expected to decline by 30,000 barrels per day to 10.54 million barrels, Russian information agency PRIME has reported with reference to the June report released by the oil cartel.
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.