BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/16
Russian crude oil output was up in January-March by 4.5 % y-o-y to record levels. Under Russia’s interpretation of the proposed production freeze to January levels, it could increase oil output this year by 1.5‒2 %. The energy ministry just recently estimated that growth of output this year would only reach 0.5‒1 %, which is quite in line with the latest estimate of the International Energy Agency (IEA). However, Russia’s energy ministry expects Russian oil exports to increase 4‒6 % this year as domestic oil consumption falls.
Crude oil production in Russia, 2005‒2016
Source: Rosstat.