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Russia Oil Supply in February 2015

Source: OPEC 2/15/2015, Location: Asia

Russian oil production is estimated to grow by 70 tb/d to average 10.58 mb/d in 2014, unchanged from the previous MOMR. The country’s oil supply growth in 2014 was lower by 60 tb/d over a year earlier. Part of this reduction was due to the low output of mature fields as well as sanctions by Western countries on Russian oil industries. Moreover, capex across Russian companies, excluding Rosneft, are set to fall by 13.2%, which could reduce total Russian output in 2015. Russia’s oil supply in 2014 is expected to average 10.59 mb/d, 10.55 mb/d, 10.52 mb/d, and 10.65 mb/d, on a quarterly basis.

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