Russian oil production to rise by 13.25%/year

Russia will account for 50.77% of Central and Eastern European (CEE) regional oil demand by 2013, while providing 70.96% of supply, according to the latest Russia oil and gas report from analyst BMI.

The analyst is forecasting Russian oil production during 2007-18 to increase 13.25%, with output rising steadily to 11.3 million b/d by 2018 from 9.98 million b/d in 2007.

Oil consumption during the period is forecast to rise by 27.40%, permitting exports peaking at 7.86 million b/d in 2018.
OGJ