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Russia Oil Supply in November 2014

Source: OPEC 12/10/2014, Location: Asia

Russia’s supply is projected to increase by 0.03 mb/d in 2014 to average 10.54 mb/d. The expected growth is supported by the ramp-up of some projects in Eastern Siberia. Additionally, higher investment in brownfields is seen stemming the decline rate and supporting output from existing mature fields. The latest sanctions against Russia by the US and EU, announced in September, have targeted a number of Russian oil companies, and prevent US and EU companies from providing services or technology in support of exploration or production activities in Russia’s deepwater, as well as from exporting goods or assisting with Arctic offshore activities or shale development projects. During the first three quarters of 2014, Russia’s oil production increased by 0.08 mb/d on average, compared with the same period in 2013. On a quarterly basis, Russia’s oil supply in 2014 is estimated to average 10.59 mb/d, 10.55 mb/d, 10.52 mb/d and 10.50 mb/d, respectively.

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