OPEC slightly revises down oil supplies from Russia in Q1

MOSCOW, May 12. /TASS /. OPEC revised down the forecast of oil supplies from Russia in the first quarter of 2015 to 10.69 mln barrels per day (bpd), the organization said in the monthly report. OPEC forecasted Russia’s oil supplies in the first quarter of 2015 as totaling 10.7 mln bpd in its previous report. Other expectations remain unchanged: 10.56 mln bpd in the second quarter of 2015, 10.49 mln bpd in the third quarter and 10.44 mln bpd in the fourth quarter. OPEC also maintained its 2015 forecast - 10.54 mln bpd or 30,000 bpd decline as compared to 2014. "Oil production in Russia, Kazakhstan, Azerbaijan and FSU Others are expected to decrease in 2015," OPEC said. OPEC comprises twelve nations: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, and Angola. Mexica, Egypt, Oman and Russia participating in sessions of this organization since 1998 have the status of observers. Read more