OPEC raises Russia’s oil production forecast

OPEC has increased Russia's oil production forecast, expected to grow up to 10.94 million barrels per day (mb/d) in 2016, OPEC said in its monthly oil market report.

Russia's oil production is expected to grow by 0.89 percent, or 0,1 mb/d this year compared to the country's daily output in 2015, which stands at 10.85 mb/d, Sputnik reports.

"According to the latest review of the most prolific fields in Russia and supported by the remarkable growth seen in the first three months of the year, averaging 11.10 mb/d in 1Q16, higher production by 0.21 mb/d over 4Q15 is indicated," OPEC noted in the report.

Recall, OPEC published a report in April, which predicted that Russia's oil output in 2016 would amount to 10.83 mb/d.