The IEA raised its forecast of oil production in Russia in 2016

Moscow. November 13. The international energy Agency raised its forecast oil and condensate production in Russia next year to 120 thousand barrels per day (b/d) – to 11.05 million b/d, follows from the monthly review of the Agency.

In October, production in Russia has reached 10,78 million b/d (10,74 million b/d in September). “Russia has reached a record level of production, as the oil from new projects offset the decline in production from old fields,” notes the IEA.

At the same time, experts of Agency believe that international sanctions, the reduction of oil production at old fields and increase the tax burden in 2016, as well as the reduction of investment may adversely affect production in the Russian Federation in the long term.

The IEA kept its forecast for global oil demand in 2016 at 95.6 million. This implies growth of oil consumption by 1.2 million b/d by 2015.

World oil supply in October increased by 400 thousand b/d and amounted to 97 million b/d due to increased production in countries outside OPEC.

In 2016, despite resistance from manufacturers such as Russia, deliveries of oil by countries outside OPEC, will be reduced by more than 600 thousand b/d compared to this year.

The forecast demand for oil cartel in 2016 increased by 200 thousand b/d to 31.3 million b/d.

The IEA notes that OPEC oil production in October remained stable at 31,76 million b/d. the decrease In production in Iraq and Kuwait was compensated by its growth in Libya, Saudi Arabia and Nigeria.