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Russia Oil Supply in December 2013

Source: OPEC 1/8/2014, Location: Asia

Russia’s oil supply is anticipated to increase by 0.13 mb/d in 2013 to average 10.50 mb/d, an upward revision of 25 tb/d from the previous MOMR. Production reached a record of 10.59 mb/d in November as per preliminary data, representing an upward revision by 100 tb/d in the fourth quarter. The revision affected the fourth quarter, with current production data for October and November indicating higher-thanexpected output. During the first 11 months of 2013, Russia’s supply has increased by 0.13 mb/d from the same period a year earlier. The healthy price level supported operators in maintaining and ramping up output in mature producing areas, in addition to the new volumes coming from green fields. On a quarterly basis, Russian supply in 2013 is expected to average 10.45 mb/d, 10.47 mb/d, 10.49 mb/d and 10.58 mb/d, respectively. Russia’s production is expected to average 10.58 mb/d in the fourth quarter, an increase of 90 tb/d from the third quarter.

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