Russia Oil Supply - May 2015

Source: OPEC 6/2/2015, Location: Asia

Despite financial sanctions and the impact of the falling global oil price, Russia’s oil supply indicated a record high of 10.58 mb/d in 2014, registering annual growth of 70 tb/d. In 2014, output from new fields was struggling to compensate for declining production at mature fields, particularly in the Western Siberian region. Keeping oil output high has been a priority for the government, although Russian companies have been faced with international oil company cooperations stopped by the international sanctions. On a quarterly basis, Russia’s 2014 supply is estimated to average 10.59 mb/d, 10.55 mb/d, 10.52 mb/d and 10.65, mb/d, respectively.

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