Russia’s oil supply is expected to increase by 10 tb/d to average 10.68 mb/d in 2015, revised up by 40 tb/d from the previous MOMR. Russian June output was broadly unchanged m-o-m at 10.72 mb/d, but remained higher y-o-y by 0.16 mb/d. In June, output was supported by the start of commercial operations at Novatek’s Termokarstovoye gas field in late May, which supported condensate production.
In 1H 2015, Russian production ran higher y-o-y by 0.06 mb/d at 10.68 mb/d.
On a quarterly basis, Russia’s 2015 supply is expected to average 10.76 mb/d, 10.72 mb/d, 10.60 mb/d and 10.65, mb/d, respectively.
