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Russia Oil Supply in November 2013

Source: OPEC 11/23/2013, Location: Asia

Russia’s oil production is forecast to grow by 100 tb/d in 2013 and average 10.47 mb/d, representing an upward revision of 5 tb/d from the previous month. The minor upward revision introduced to Russia’s oil supply forecast came from the fourth quarter, which experienced an adjustment for actual production data in October.

Russia’s oil supply averaged 10.60 mb/d in October, a new post-Soviet record and an increase of 60 tb/d, compared to the previous month. The monthly increase is supported by new barrels from the Trebs field. Reports suggested that a Russian operator is utilizing the hydraulic fracturing method to extract volume from the Orenburg field.

On the other hand, the operator of the Vankor field has revised down the field’s output to reach 430 tb/d by the end of 2013, instead of 500 tb/d. In 2013, Russian oil supply continued to witness healthy levels, with monthly output levels reaching new records several times so far. During the first three quarters of 2013, Russian oil production increased by 0.13 mb/d on average, compared with the same period in 2013.

On a quarterly basis, Russian oil supply in 2013 is seen to average 10.45 mb/d, 10.47 mb/d, 10.49 mb/d and 10.48 mb/d, respectively.

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